TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,121.06, up 376.83 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up $5.07, or 12 per cent, to $47.22 on 24.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 94 cents, or 1.7 per cent, to $57.10 on 11.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 37 cents, or 1.5 per cent, to $25.28 on 11.4 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up $1.56, or 6.7 per cent, to $24.83 on 11.1 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 27 cents, or 3.9 per cent, to $7.11 on 10 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Up 21 cents, or two per cent, to $10.86 on 6.4 million shares.
Companies in the news:
TFI International Inc. (TSX:TFII). Up $5.23 or 5.2 per cent to $106.72. TFI International Inc. blew past analyst expectations to more than double its profits in its first quarter, with a nearly twofold revenue increase. Alain Bedard, chairman and CEO of Canada's largest trucking company, says TFI was able to seize on "favourable trends" across its segments, which range from logistics to courier service. The trucking sector continues to face hurdles including a dire labour shortage, but surging demand for consumer items, raw materials and manufacturing components has fuelled growth across the industry. TFI, which reports in U.S. dollars, says net income jumped 121 per cent to US$147.7 million in the quarter ended March 31 from $66.9 million in the same period a year earlier. Revenue rose 91 per cent to $2.19 billion, bolstered by TFI's US$800-million acquisition last April of TForce Freight, the massive transporter of smaller packages and cargo previously known as UPS Freight.
Suncor Energy Inc. — One of North America's most aggressive activist investors has set its sights on Suncor Energy Inc., seeking an overhaul of the company's board and management team, along with the possible sale of Petro-Canada. In a letter to Suncor's board on Thursday, U.S.-based Elliott Investment Management expressed frustration in what it calls a recent decline in performance at the energy producer. Suncor, which was the most valuable Canadian energy company by market capitalization from 2000 until 2018, has been in a slump recently. Elliott's letter points out the company's share price has lagged that of its closest oilsands peer, Canadian Natural Resources Ltd., by 137 per cent over the last three years. On Thursday afternoon, Suncor issued a statement in which it said it remains confident in the company's strategy, but will take the time to carefully assess Elliott's proposals.
Rogers Communications Inc. (TSX:RCI.B). Unchanged at $71.98. Rogers Communications Inc. said Thursday that it will bring 500 jobs to Calgary with a new national technology centre that it intends to establish following the close of the company's proposed merger with Shaw Communications Inc. The centre, to be called Rogers THINKLab, will be located at Shaw's Barlow campus in northeast Calgary, the Toronto-based telecom giant said. The job roles will largely be in engineering and technical delivery across networks, with an emphasis in areas like 5G, fibre technology, data analytics, artificial intelligence and cybersecurity. The goal of the centre is to help foster made-in-Canada technology solutions and build a pipeline for high-skilled talent to stay and work in Canada, the company said. This move is part of the company's $6.5-billion commitment to invest in Western Canada first announced back in March 2021 as part of Roger's $26-billion deal to acquire Shaw.
Precision Drilling Corp. (TSX:PD). Up $2.02 or 2.3 per cent to $90.12. Precision Drilling Corp. is boosting its 2022 capital spending in anticipation of a continued strong run for the oilfield rig provider amid higher demand and surging prices for oil and natural gas. The Calgary-based company said it will spend $125 million as the current market momentum is expected to continue in anticipation of higher activity and additional contracted rig upgrades. Precision Drilling had said in February it anticipated spending $98 million this year. The company said its first-quarter revenue increased nearly 50 per cent to $351.3 million, up from $236.5 million a year ago. U.S. and Canadian drilling activity increased by 56 and 48 per cent, respectively, and well service activity gained 10 per cent. Despite the higher revenues, its net loss for the quarter ended March 31 also grew. It lost $43.8 million or $3.25 per diluted share compared with a loss of $36.1 million or $2.70 per diluted share in the first quarter of 2021.
This report by The Canadian Press was first published April 28, 2022.
The Canadian Press
