TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,692.22, down 69.78 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 24 cents, or 0.5 per cent, to $46.42 on 13.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 14 cents, or 0.25 per cent, to $55.92 on 12.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 10 cents, or 0.4 per cent, to $25.02 on 8.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down one cent to $23.74 on 7.3 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 14 cents, or 2.1 per cent, to $6.43 on 7.2 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 13 cents, or 0.5 per cent, to $28.52 on 5.8 million shares.
Companies in the news:
Suncor Energy Inc. — A string of fatalities at Suncor Energy Inc. has caught the attention of investors who view workplace safety breaches as a warning sign of deeper problems within a company. In a letter to Suncor's board last week, U.S.-based Elliott Investment Management expressed frustration in what it calls a recent decline in performance at the energy producer. But in addition to criticizing the company's financial performance, Elliott Investment Management also repeatedly pointed the finger at Suncor's safety record. Since 2014, there have been 12 workplace deaths at Suncor sites, which Elliott said is more than all of the company's closest peers combined. (Canadian Natural Resources Ltd., for example, has had four workplace deaths in that period while Cenovus Energy Inc. has had one.) Rob Stewart, a Calgary-based workplace safety expert, said Elliott's highlighting of Suncor's safety issues might be "a little bit unfair," as the sheer size of the company means it is more likely to have incidents than other, smaller industry players.
Alimentation Couche-Tard Inc. (TSX:ATD). Up 92 cents or 1.6 per cent to $58.11. Alimentation Couche-Tard Inc. is reportedly exchanging proposals in a multibillion-dollar combination with a British retailing giant that would feed its growth ambitions. The Wall Street Journal recently reported that talks between the owner of Circle K and privately held EB Group would value the latter at about US$16 billion or more including debt. That's about US$1 billion more than was suggested in September when the deal was first reported. The combined company would be headquartered at Couche-Tard's base in Laval, Que., and have over US$70 billion in annual revenue and 21,000 fast-food joints, gas stations and grocery stores in more than 30 countries. The newspaper said people familiar with the matter cautioned that talks may not result in a deal. Analyst Irene Nattel of RBC Dominion Securities said a combination of two of the world's largest convenience-store chains would be a "compelling potential transaction" and one that is consistent with Couche-Tard's five-year plan to double its size.
Cargojet Inc. (TSX:CJT). Up $3.50 or 2.3 per cent to $153.59. Cargojet Inc. beat revenue expectations in its first quarter despite plateauing e-commerce demand, as the air cargo outfit looks to bolster its fleet and ramp up domestic deliveries this year. The company, which provides time-sensitive overnight air freight services as well as aircraft leases, garnered 46 per cent year-over-year revenue growth in the quarter ended March 31. Nonetheless, Cargojet swung to an unexpected net earnings loss owing to a "fair value" adjustment of stock warrants, which the company attributed to an increase in share price. Its stock rose 13 per cent to $189.71 from $167.30 between Dec. 31 and March 31, but was at $154.54 in midday trading on the Toronto Stock Exchange. Demand for Cargojet's charter delivery service stayed strong as the Canadian government relied on it to transport COVID-19 test kits from Asia, the company said. While e-commerce purchases from consumers may be levelling off, business-to-business deliveries remain robust, chief executive Ajay Virmani told analysts on a conference call Monday.
Sandstorm Gold Ltd. (TSX:SSL). Down 69 cents or 7.2 per cent to $8.87. Sandstorm Gold Ltd. says it has signed a pair of acquisitions worth a total of US$1.1 billion. Under the first deal, the company will buy Nomad Royalty Company Ltd. in an all-stock deal valued at US$590 million. Nomad shareholders will receive 1.21 Sandstorm shares for each Nomad share held. The second deal will see Sandstorm acquire a royalty package from BaseCore Metals LP for US$525 million including US$425 million in cash and US$100 million in shares. Sandstorm also says it has partnered with Royalty North Partners Ltd. to sell a portion of a copper royalty acquired in the BaseCore deal and keep a silver stream on the asset. The company says once the deals close, existing Sandstorm shareholders will hold 67 per cent of the company, while Nomad shareholders and BaseCore will own about 28 per cent and five per cent respectively.
This report by The Canadian Press was first published May 2, 2022.
The Canadian Press
