TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,232.03, down 72.37 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up 17 cents, or 14.7 per cent, to $1.33 on 18.1 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 27 cents, or 4.4 per cent, to $6.35 on 17 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 59 cents, or 1.4 per cent, to $41.51 on 16.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up eight cents, or 3.3 per cent, to $2.47 on 16.9 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 42 cents, or two per cent, to $21.37 on 14.9 million shares
B2Gold Inc. (TSX:BTO). Materials. Up 10 cents, or 1.8 per cent, to $5.78 on 13.6 million shares.
Companies in the news:
Intertape Polymer Group Inc. (TSX:ITP). Up $16.98 or 76.2 per cent to $39.26. Private equity firm Clearlake Capital Group LP has signed a deal to buy Intertape Polymer Group Inc. for US$2.6 billion, including debt. Under the agreement that will see IPG become a privately held company, Clearlake will pay C$40.50 per share in cash, representing an 82 per cent premium to its last closing price. IPG chief executive Greg Yull says Clearlake will provide the operational and financial resources to accelerate the company's acquisition strategy, as well as organic growth opportunities. IPG chairman James Pantelidis said the board determined the transaction was in the best interests of the company and shareholders after evaluating alternatives. Founded by Yull in 1981 and incorporated in Montreal in 1993, IPG makes a variety of products used for packaging, including tapes and films. It has about 4,100 employees with operations in 34 locations, including 22 manufacturing facilities in North America, five in Asia and two in Europe. The deal, which is subject to customary closing conditions, including receipt of shareholder, regulatory and court approvals, is expected to close in the third quarter. A shareholder meeting to approve the transaction is expected in May.
Transcontinental Inc. (TSX:TCL.A). Down $1.83 or 9.1 per cent to $18.39. Transcontinental Inc. says its net profit attributable to shareholders dropped by one-third in its latest quarter despite higher revenues as a COVID-19 variant disrupted operations. The Montreal-based printing, media and packaging company says it earned $18.4 million or 21 cents per share in the first quarter, down from $27.7 million or 32 cents per share a year earlier. Adjusted profits were $30 million or 35 cents per share, compared with $43.8 million or 50 cents per share in the first quarter of 2021. Revenues for the three months ended Jan. 30 were $690.6 million, up 10.9 per cent from $622.7 million in the prior year quarter, mainly due to higher resin prices and acquisitions. Analysts on average had forecast adjusted profits of 51 cents per share on $676.7 million of revenues, according to financial data firm Refinitiv. Chief executive Peter Brues says the financial results didn't meet its expectations because the spread of the Omicron variant caused significant operational disruptions.
Transat AT (TSX:TRZ). Up 26 cents or 6.1 per cent to $4.51. After a gruelling two years, Air Transat and Porter Airlines have signed a code-sharing agreement they hope will draw customers to a wider range of connecting flights in Canada and abroad. The first phase of the agreement will focus on connecting Porter's operations at Toronto's Billy Bishop airport and the Halifax airport to Air Transat's hub in Montreal, the airlines say. Expected to take effect this summer as travel demand rebounds, the code-sharing agreement will see each airline sell, under its own code, flights operated by its partner. The deal enables travellers to combine flight segments on a single ticket and check their baggage just once. Porter Airlines chief executive Michael Deluce says the agreement complements his airline's own growth plans, which include the addition of jets and flights out of Toronto Pearson International Airport later this year. Porter resumed flights in September for the first time since March 2020 after grounding its fleet due to COVID-19 restrictions. The 16-year-old carrier operates flights to more than a dozen cities in Central and Eastern Canada and five U.S. destinations.
This report by The Canadian Press was first published March 8, 2022.
The Canadian Press