TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,563.89, down 228.54 points.)
Baytex Energy Corp. (TSX:BTE). Energy. Up 25 cents, or 2.9 per cent, to $9.00 on 12.9 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Down $1.11, or 1.3 per cent, to $84.67 on 12.8 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 25 cents, or 1.1 per cent, to $23.31 on 11.3 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down nine cents, or 0.3 per cent, to $30.70 on 10.6 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 55 cents, or 2.1 per cent, to $25.53 on 9.2 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Down 40 cents, or 0.6 per cent, to $67.66 on 6.9 million shares.
Companies in the news:
Transat A.T. Inc. (TSX:TRZ). Down 12 cents or 2.8 per cent to $4.14. Skyrocketing jet fuel prices and the COVID-19 pandemic ate into the profits of Transat A.T. Inc. in its second quarter, despite higher revenues as air travel began to rebound, sparking hopes of a turbocharged summer. The tour operator saw its net loss attributable to shareholders swell 41 per cent for the quarter ended April 30, even as revenues were more than 47 times higher than a year earlier. The company reported a net loss attributable to shareholders of $98.3 million or $2.60 per diluted share for the quarter. The result compared with a loss of $69.6 million or $1.84 per diluted share a year earlier. Revenue totalled $358.2 million compared with $7.6 million in the same quarter last year when Air Transat, the company's airline, suspended operations after Ottawa requested a suspension of travel to Mexico and the Caribbean as well as the adoption of new quarantine measures and testing requirements.
Saputo Inc. (TSX:SAP). Up 34 cents or 1.3 per cent to $26.26. Global dairy giant Saputo Inc. is confident demand for its products will remain strong in Canada despite efforts to increase farm gate milk prices for the second time this year. The Canadian Dairy Commission said last week it received a request for a mid-year milk price hike from Dairy Farmers of Canada. The federal body, which oversees Canada’s dairy industry and supply management system, said it will hold consultations on the request next week. The price hike, if approved, would be effective Sept. 1 and Carl Colizza, Saputo president and chief operating officer of North America, said Saputo would "absolutely be recovering costs" by passing those higher prices on to customers. Saputo's net income plunged 64 per cent in the fourth quarter as it endured challenging market conditions that mainly impacted its U.S. operations. Saputo reported a profit of $37 million or nine cents per diluted share for the fourth quarter ended March 31, compared with a profit of $103 million or 25 cents per diluted share a year earlier. Revenue totalled $3.96 billion for the quarter, up 15 per cent from $3.44 billion in the same quarter a year earlier.
Nutrien Ltd. (TSX:NTR). Up $2.42 or 2.2 per cent to $113.31. Nutrien Ltd., the Canadian company that is the largest fertilizer producer in the world, has announced a major ramp-up of potash production capacity as the war in Ukraine drives concern over global food security. The Saskatoon-based company said Thursday it plans to increase its potash production capacity to 18 million tonnes per year by 2025, a 40 per cent increase over 2020 levels. The projected capital cost of the ramp-up is approximately $200 per tonne, which the company said is relatively low because the expansion will take place within existing installed capacity. As part of the ramp-up, the company will hire more than 350 new employees, with the bulk of new investment happening at its Cory, Lanigan, Allan and Vanscoy mines in Saskatchewan. The company is also evaluating additional brownfield opportunities that could expand production capacity beyond 18 million tonnes to 23 million tonnes annually. Nutrien expects to make a final investment decision on those additional opportunities within the next 12 months.
CIBC. (TSX:CM). Down $1.52 or 2.2 per cent to $68.53. CIBC is the latest bank to announce wage increases in an effort to attract and retain employees in a tight labour market. The bank says in an internal memo from CEO Victor Dodig that it will be increasing by three per cent the base salary for the first six levels of employees starting in July. It says it will also boost its minimum entry wage to $20 an hour from $17, both in Canada and the U.S. in local currency, and has committed to further raising it to $25 by 2025. Dodig says in the memo that the increase in pay will "further support our team’s financial well-being, help us attract and retain talent, and build on our reputation as an employer of choice." In mid-May, RBC announced a three per cent base salary boost for employees in its grade 9 through 12 positions starting July 1, and committed to taking into account market forces and the rising cost of living when setting base salaries at year end. TD Bank said in April it was giving a three per cent wage increase to the majority of its employees.
This report by The Canadian Press was first published June 9, 2022.
The Canadian Press
