TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,582.94, down 12.03 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up 11 cents, or 6.4 per cent, to $1.84 on 11.6 million shares.
Canadian Pacific Railway Ltd. (TSX:CP). Industrials. Down $4.13, or 4.55 per cent, to $86.69 on 7.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 34 cents, or 1.42 per cent, to $23.56 on 7.1 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down six cents, or 0.24 per cent, to $24.57 on 6.5 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 15 cents, or 0.3 per cent, to $49.65 on 6.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up six cents, or 0.58 per cent, to $10.47 on 6.2 million shares.
Companies in the news:
Alimentation Couche-Tard Inc. (TSX:ATD.B). Down 90 cents or 1.7 per cent to $50.98. Alimentation Couche-Tard Inc. beat expectations even though its net profit slipped in the first quarter of its fiscal year despite a 40 per cent increase in revenues. The Quebec-based convenience store retailer earned US$764.4 million or 71 cents per diluted share, compared with US$777.1 million or 70 cents per share a year earlier. Adjusted earnings fell 4.7 per cent to US$758 million from US$795 million in the first quarter of 2020. On a share basis they were unchanged at 71 cents. Revenues for the three months ended July 18 were US$13.58 billion, up from US$9.71 billion in the prior year period. Total merchandise revenues increased 5.4 per cent with same-store merchandise revenues, a key retail metric, decreasing 0.2 per cent in the U.S. and 9.6 per cent in Canada and increasing 5.9 per cent in Europe and other regions. Same-store fuel volume increased 11.8 per cent in the U.S., 10.4 per cent in Canada and 6.3 per cent in Europe. Couche-Tard, which operates Circle K in Canada, the U.S. and Europe as well as in other countries, was expected to earn 65 cents per share in adjusted profits on US$13.27 billion of revenues, according to financial data firm Refinitiv.
Canadian National Railway Co. (TSX:CNR). Up $10.17 or 7.4 per cent to $148.40. Canadian National Railway Co.'s takeover bid for Kansas City Southern Railway has been thrown into doubt after a U.S. regulator denied its use of a voting trust structure. The U.S. Surface Transportation Board said Tuesday that the trust would reduce incentives for competition between the two railways whose networks overlap, and is not consistent with the public interest standard under its merger regulations. The trust would have allowed KCS to remain independent while a full and lengthy review of the proposed takeover goes forward, while also allowing shareholders to be paid without having to wait for a final decision on the deal. The Surface Transportation Board said that while the trust would mean CN wasn't in direct control of KCS operations, it would still be a beneficial owner and share in profits. The Surface Transportation Board said that CN could still try to move forward with its takeover, but it would have to wait until the full regulatory review of the proposal is done. National Bank analyst Cameron Doerksen said that while CN could try to move forward with its merger, and possibly appeal the decision, KCS would likely move to re-engage CP on a potential merger.
Noront Resources Ltd. (TSXV:NOT). Down two cents or 2.6 per cent to 75 cents. The board of Noront Resources Ltd. is maintaining its support for a takeover offer for the company by BHP, despite a richer proposal by Wyloo Metals Pty Ltd. The company says the proposed offer by Wyloo of 70 cents per share is a non-binding proposal to the Noront board and that the only binding offer is BHP's bid of 55 cents per share. It notes the Wyloo offer is conditional on completion of due diligence and negotiation and execution of a definitive arrangement agreement. Noront is developing several projects in the Ring of Fire region in northern Ontario. The BHP offer requires more than 50 per cent of the Noront's shares not owned by BHP to be tendered to its bid. However, Wyloo Metals, which owns a 37.5 per cent stake in Noront, has said it will not support BHP's offer.
This report by The Canadian Press was first published Aug. 31, 2021.
The Canadian Press
