TORONTO — Some of the most active companies traded Tuesdayon the Toronto Stock Exchange:
Toronto Stock Exchange (20,221.19, down 38.94):
Manulife Financial Corp. (TSX:MFC). Financials. Up 41 cents, or 1.54 per cent, to $26.98 on 24.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 46 cents, or 0.99 per cent, to $45.86 on 22.3 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 57 cents, or 9.78 per cent, to $5.26 on 20 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Up 34 cents, or 1.57 per cent, to $22.05 on 15.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 44 cents, or 0.85 per cent, to $51.19 on 13.5 million shares.
Africa Oil Corp. (TSX:AOI). Energy. Down 11 cents, or 3.79 per cent, to $2.79 on 11.9 million shares.
Companies in the news:
Baytex Energy Corp. — Baytex Energy Corp. has signed a deal to buy U.S. company Ranger Oil Corp. in a deal valued at C$3.4 billion, including assumed debt. Ranger Oil operates in the Eagle Ford shale region in south Texas, an area where Baytex also has assets. Under the terms of the agreement, Ranger shareholders will receive 7.49 Baytex shares plus US$13.31 in cash for each Ranger common share. The companies valued the total consideration at about US$44.36 per Ranger share.
Bank of Nova Scotia (TSX:BNS). Down $4.09, or 5.72 per cent, to $67.44. Scotiabank's new chief executive says the bank is rethinking its strategy as it reported a drop in profits last quarter because of high funding costs and expense growth. Scott Thomson, who took on the top job Feb. 1, told a conference call with investors and financial analysts Tuesday that the bank would be examining the loans it makes, as well as ways to boost deposits, as the bank gets squeezed by the same high borrowing costs that face Canadian consumers. He said the bank aims to have a formal strategy update out by the end of the calendar year, but that key areas of focus ahead are boosting its capital ratio to 12 per cent and better matching loans with growth in deposits.
Bank of Montreal (TSX:BMO). Down $1.50, or 1.15 per cent, to $129.32. BMO Financial Group said Tuesday it is focused on integrating its US$16.3-billion Bank of the West acquisition that dominated fourth-quarter results and will reshape its balance sheet in the quarters ahead. The closing of the deal helped pushed its first-quarter profit down to $247 million, from $2.93 billion in the same quarter a year earlier, as it took a one-time charge related to the acquisition. With the deal closed, which came about three months later than it expected when it first announced it late 2021, the bank is now focused on integrating the banks and achieving the US$670 million in cost savings expected.
This report by The Canadian Press was first published Feb. 28,2023.
The Canadian Press
