TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,077.35, down 85.30 points.)
B2Gold Corp. (TSX:BTO). Materials. Up 11 cents, or 2.3 per cent, to $4.90 on 9.3 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Down 50 cents, or 0.9 per cent, to $54.48 on eight million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 37 cents, or 1.2 per cent, to $31.33 on 7.5 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 31 cents, or 0.6 per cent, to $48.65 on 6.9 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down one cent, or 0.1 per cent, to $6.72 on 6.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up five cents, or 1.3 per cent, to $4 on 5.7 million shares.
Companies in the news:
Cenovus Energy Inc. (TSX:CVE). Down 14 cents to $16.09. Cenovus Energy Inc. says Ottawa's forthcoming release of details about its proposed tax credit for carbon capture, utilization and storage projects (CCUS) should be followed by "significant government support" so the industry can widely adopt the technology. The Calgary-based oil producer has been involved in ongoing discussions with Ottawa over the tax credit, which was announced in this year's federal budget. On Wednesday, Rhona DelFrari, the company's chief sustainability officer, said the talks have been going well. CCUS is a technology that captures greenhouse gas emissions from industrial sources and stores them deep in the ground to prevent them from being released into the atmosphere. Proponents say vastly scaling up CCUS across the oil and gas industry will be necessary if Canada is to have a shot at meeting its climate targets. However, some environmentalists are critical of the technology, which does nothing to curb overall production of fossil fuel products.
Nuvei Corp. (TSX:NVEI). Down $49.61 or 40.4 per cent to $73.12. Shares in Nuvei Corp. plunged after a critical report on the company by short-seller Spruce Point Capital Management. Spruce Point raised concerns about Nuvei chief executive Philip Fayer and the company's growth record and acquisition strategy. It suggested shares in the payment processing company faced a 40 to 60 per cent long-term downside risk. Spruce Point said it has a short position in Nuvei and owns derivative securities that stand to benefit if its share price falls. Nuvei did not immediately respond to a request for comment. The Montreal-based company closed the Toronto Stock Exchange's largest initial public offering in the technology sector last year.
Dollarama Inc. (TSX:DOL). Down 21 cents to $57.30. Dollarama Inc. says it's well-stocked for the busy holiday shopping period despite facing ongoing supply chain issues, inflationary pressure and a tight labour market across Canada. The retailer beat estimates with its third-quarter profit on Wednesday, posting a profit of $183.4 million, up from $161.9 million in the same quarter last year. The profit amounted to 61 cents per diluted share, up from 52 cents per diluted share a year earlier. CEO Neil Rossy said the retailer's financial performance in the quarter ended Oct. 31 represents a "return to a more normalized situation." The reduction in restrictions led to a shift in shopping habits, he said. Customers shopped more often but bought less at one time — a reversal of the pandemic trend of shoppers stocking up but making fewer trips to the store. Dollarama said the average transaction size fell 2.8 per cent, but the number of transactions rose 3.7 per cent. Sales in the quarter totalled $1.12 billion, up from $1.06 billion in the same quarter last year.
Canadian Pacific Railway Ltd. (TSX:CP). Down $1.01 or 1.1 per cent to $91.19. Canadian Pacific Railway Ltd. says shareholders have given a big thumbs-up to its deal to buy U.S. railway Kansas City Southern. CP says its stockholders voted 99.9 per cent in favour of issuing up to 278 million common shares to KCS shareholders, a key step in the agreement. Shareholders at the Calgary-based railway also approved en masse of changing its name to Canadian Pacific Kansas City Ltd., though the new moniker must be approved by regulators in the United States. CP agreed in September to buy KCS in a deal valued at US$31 billion, including the assumption of US$3.8 billion of debt, following a testy battle with Canadian National Railway Co., which was also looking to acquire the American railroad operator. The U.S. regulator has approved the use of a voting trust for the transaction that allows KCS shareholders to receive payment after shareholders of both companies approve the deal but before it receives final approval. A special meeting of KCS stockholders to vote on the merger is scheduled for this Friday, and CP says it expects the deal to close on Dec. 14.
This report by The Canadian Press was first published Dec. 8, 2021.
The Canadian Press