TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,149.00, up 23.10 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 13 cents, or 0.41 per cent, to $31.95 on 24.5 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down $1.05, or 2.11 per cent, to $48.74 on 12.1 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 97 cents, or 1.85 per cent, to $53.43 on 9.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 25 cents, or 1.6 per cent, to $15.86 on 7.9 million shares.
B2Gold Corp. (TSX:BTO). Materials. Up three cents, or 0.59 per cent, to $5.12 on 7.7 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up five cents, or 2.91 per cent, to $1.77 on 7.3 million shares.
Companies in the news:
Royal Bank of Canada. (TSX:RY). Down 97 cents to $129.73. Canada's big banks are expected to roll out significant dividend increases as they release earnings this week. The results are the first since early November when Canada's banking regulator lifted restrictions on raising dividend payouts and share buybacks that were imposed as a cautionary measure at the start of the pandemic. Banks have performed well despite COVID-19, leading RBC analyst Darko Mihelic to predict an average payout increase of 20 per cent, while CIBC analyst Paul Holden says he expects to see individual bank dividend increases ranging anywhere from five to 25 per cent. Scotiabank analyst Meny Grauman says he's bullish on the sector and expects a wave of payout increases, but notes COVID variants continue to pose risks, as do the potential for runaway inflation and supply chain issues. Along with dividend increases, analysts say loan growth could be a positive at the banks, while slowing capital markets and rising costs could weigh on results. Scotiabank kicks off the earnings week on Tuesday, followed by RBC and National Bank on Wednesday, CIBC and TD Bank on Thursday, and BMO on Friday.
Vermilion Energy Inc. (TSX:VET). Up $1.15 or 10 per cent to $12.65. Vermilion Energy Inc. says it has signed a deal to increase its stake in the Corrib natural gas project off the coast of Ireland. Under an agreement with Equinor ASA, the Calgary-based company says it will pay $556 million for Equinor Energy Ireland Ltd., which owns a 36.5 per cent stake in Corrib. Vermilion says its operated interest in Corrib will increase to 56.5 per cent with the deal. The company also announced an exploration and development capital budget of $425 million for next year, with expected production to average 83,000 to 85,000 barrels of oil equivalent per day, before taking into account the Corrib acquisition. Vermilion plans to spend about $215 million in North America in a capital program that will include the drilling of 50 wells, while it plans to spend $210 million across its international assets. The company also says it plans to reinstate a quarterly dividend of six cents per share starting in the first quarter of next year.
Canadian National Railway Co. (TSX:CNR). Up $1.91 or 1.2 per cent to $163.76. Flooding in southern B.C. continues to present logistical challenges for exporters as Canadian National Railway Co. shut its service along the key freight corridor because of heavy precipitation and traffic is moving slowly through the Port of Vancouver. Dennis Darby, president of Canadian Manufacturers & Exporters, said trains were running at very low rates even before the Montreal-based railway pulled the plug on its reopening efforts. CN said it moved seven trains during the weekend but decided to "proactively close its network" because rain was causing increased debris, washout and landslide activity. CN has been able to divert some rail traffic to the Port of Prince Rupert, which remains fully operational and is not impacted by the severe weather. But CN said northbound and eastbound traffic to and from Vancouver are still affected by this situation. Canadian Pacific Railway Ltd. cars loaded with Prairie grain and fuel entered Vancouver last Wednesday for the first time in days after its rail corridor sustained heavy damage in some 30 locations between Vancouver and Kamloops, B.C. However, the Calgary railway says it needs access to CN tracks on its busiest corridor where they share rail infrastructure in order to maximize capacity.
This report by The Canadian Press was first published Nov. 29, 2021.
The Canadian Press