TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,104.14, up 77.35 points.)
The Toronto-Dominion Bank. (TSX:TD). Financials. Down two cents, or 0.02 per cent, to $83.45 on 17.1 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up four cents, or 4.12 per cent, to $1.01 on 8.5 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up 16 cents, or 0.27 per cent, to $59.01 on 6.6 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Down 13 cents, or 0.17 per cent, to $78.18 on 5.9 million shares.
NextSource Materials Inc. (TSX:NEXT). Materials. Up one cent, or 2.67 per cent, to 38.5 cents on 5.7 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 10 cents, or 1.93 per cent, to $5.07 on 4.7 million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Up 83 cents, or 1.4 per cent, to $59.52. Rogers Communications Inc. shouldn't be allowed to buy Canada's fourth-largest wireless service, Freedom Mobile, because it would undo attempts improve prices and services through competition, experts in telecommunications policy told MPs on Tuesday. In a third day of hearings into the Rogers proposal to buy Shaw Communications Inc., which owns Freedom as well as Western Canada's largest cable internet network, University of Ottawa law professor Michael Geist said regulators should require a spinoff of the wireless assets before approving the deal. Shaw chief executive Brad Shaw and Rogers CEO Joe Natale told the same committee on March 29 that they'd be stronger competitors to Bell and Telus by combined their spending power and assets. That would allow an enlarged Rogers to reach more rural and underserved areas, they said. Under questioning from committee members, Geist — who holds the Canada Research Chair in internet and e-commerce law — said the "most palatable" outcome would be to have Shaw and Freedom remain independent rivals to Canada's biggest three biggest telecommunications companies (Rogers, Bell and Telus).
Cenovus Energy Inc. (TSX:CVE). Up 17 cents, or 1.8 per cent, to $9.68. The CEO of Cenovus Energy Inc. says the process to sell Husky Energy Inc.'s chain of retail fuel stations was halted at an "advanced" stage as part of the $3.8-billion all-stock takeover that closed early this year. In a fireside chat at the 2021 Scotiabank CAPP Energy Symposium, Alex Pourbaix said the proposed sale would have taken place at a low point in the fuel retailing business cycle and was stopped in hopes that the market for those assets would improve. Pourbaix predicted that vaccine rollouts and an economic recovery in North America suggest the upcoming driving season could be "off the charts," a promising prospect for the retail operations and also for refinery assets it purchased in the Husky deal. Cenovus spokesman Reg Curren said in a later email that Pourbaix was referring to the ongoing sales process, not a specific pending transaction for the retail assets. He said no other details would be released. Husky announced its plan to get out of retailing fuel to consumers after 80 years in the business in early 2019, putting on the block more than 500 service stations, travel centres, cardlock operations and bulk distribution facilities from British Columbia to New Brunswick.
Bombardier Inc. — Bombardier's corporate jet business could get a lift after VistaJet said it is expanding its aircraft purchases due to growing customer demand during the COVID-19 pandemic. The Malta-based company will add up to 12 Global 7500 aircraft and 10 Challenger 350s over the next two years to grow its fleet to more than 90 aircraft. It has taken delivery of the first two long-range Global planes and has been identified as the Challenger customer announced in December that was one of the largest jet orders of 2020. VistaJet, which sells use of its planes on an hourly basis, says the fleet expansion reflects "huge demand" from new corporations seeking "safer, more reliable and efficient" travel. It claims to have seen a surge of nearly 50 per cent in corporate interest globally since last July. Flight hours sold increased 23 per cent in the first quarter compared with a year earlier and new program members surged 90 per cent. Industry analyst Walter Spracklin of RBC Capital Markets says VistaJet's commentary and data reinforce the view that the pandemic has unlocked elevated demand for business jets from customers looking for safer and more reliable means of air travel in the current environment.
Toronto-Dominion Bank — A report by TD Bank suggests up to three-quarters of those working in the oil and gas sector could lose their jobs over the next three decades as Canada works toward its greenhouse gas emission targets. Ottawa has set a goal of net-zero emissions by 2050. The TD report says the government's commitment is critical to avoid the worst outcomes of climate change, but the cuts will need significant action. The report says that 50 to 75 per cent of those working in the oil and gas sector or between 312,000 and 450,000 people could be displaced by 2050. It says the clean-energy transition will create new job opportunities, but there is no guarantee that those hurt will stand to benefit from the change. The report says efforts and resources to cut emissions should be matched by efforts and resources to help workers displaced in the process.
This report by The Canadian Press was first published April 6, 2021.
The Canadian Press
