TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,099.52, down 118.49 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down two cents, or 0.11 per cent, to $18.50 on 14.6 million shares.
Canadian Natural Resources (TSX:CNQ). Up 62 cents, or 2.62 per cent, to $24.25 on 10 million shares.
Kinross Gold Corp. (TSX:K). Materials. Up 73 cents, or 6.45 per cent, to $12.05 on 7.5 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Up 54 cents, or 0.96 per cent, to $56.99 on 7.4 million shares.
Teck Resources Ltd. (TSX:TECK.B). Materials. Up 44 cents, or 2.93 per cent, to $15.44 on 7.2 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 53 cents, or 1.29 per cent, to $41.76 on 6.8 million shares.
Companies in the news:
Transcontinental Inc. (TSX:TCL.A). Up 57 cents or 3.9 per cent to $15.32. Transcontinental Inc. had a $48.3 million net profit in its fiscal third quarter, as cost cutting and a COVID-related wage subsidy offset a 19.4 per cent drop in revenue for the printing and packaging company. Revenue for the three months ended July 26 was $587.4 million, down from $728.9 million in last year’s third quarter. Most of the revenue decline was in Transcontinental’s printing segment, which services newspaper and flyer producers that were significantly affected by a decline in advertising due to the pandemic. Transcontinental said the gradual recovery in printing volume enabled the company to recall close to 60 per cent of the employees who were temporarily laid off at the end of March. Transcontinental received $35.9 million from the Canada Emergency Wage Subsidy in its third quarter and $44 million in total since the federal program was created in the company’s fiscal second quarter.
Toronto-Dominion Bank. (TSX:TD). Up 61 cents to $63.68. Toronto-Dominion Bank is facing a class-action lawsuit over its refusal to pay travel insurance claims following trip cancellations triggered by the COVID-19 pandemic. Lead plaintiff Kevin Lyons cancelled his family’s flight to Italy along with their Mediterranean cruise in early March after the Canadian government advised against travel to the region, the proposed class action says. TD turned down a claim for $6,673 by Lyons, citing the travel credit available to him for the flights and cruise, according to the statement of claim filed in Ontario Superior Court. Lawyer Sivan Tumarkin, whose firm represents Lyons, says future credit does not amount to cash reimbursement and that TD must pay the Toronto resident’s claims under the terms of its own travel insurance policy. TD said it could not comment on the specifics of the case because it is before the courts.
Freehold Royalties Ltd. (TSX:FRU). Up 18 cents or 4.9 per cent to $3.88. Calgary-based Freehold Royalties Ltd. says its president and CEO, Thomas Mullane, has resigned effective today, without saying why. It says chief operating officer David Spyker has been appointed to the role on an interim basis until a permanent CEO is hired. In a report, CIBC Capital Markets analyst Jamie Kubik says the event comes as a surprise but likely won’t affect the company’s business strategy. Mullane joined Freehold in 2012 and was appointed president and CEO in 2013, while Spyker joined Freehold as vice-president of production in 2016 and was appointed chief operating officer in March 2019. A Freehold spokesman declined to comment on why Mullane is leaving the company.
Bank of Nova Scotia. (TSX:BNS). Up 59 cents to $55.44. The CEOs of Canadian big banks say the COVID-19 pandemic has pushed their companies to balance quickly adapting to new consumer habits with a careful approach to combating economic pressures. Speaking at Scotiabank’s annual financial summit, which is being held virtually this year, executives say they have spent recent months watching Canadians stop spending and stash away money because their careers have been impacted by COVID-19 or the businesses they frequent have been closed. Bank of Nova Scotia CEO Brian Porter says the situation has reminded him that good companies invest in bad times, but he is still trying to be disciplined and prioritize regulatory and customer experience expenses over other costs. He says the bank has deferred some expenses on items that would have been nice for the bank, but aren’t critical for operations during a pandemic.
This report by The Canadian Press was first published Sept. 9, 2020.
The Canadian Press
