TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (17,552.46, up 51.57 points.)
TC Energy Corp. (TSX:TRP). Energy. Down 42 cents, or 0.79 per cent, to $52.60 on 10.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 45 cents, or 2.08 per cent, to $21.22 on 7.2 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Up 12 cents, or 0.18 per cent, to $67.99 on 6.3 million shares.
Toronto-Dominion Bank. (TSX:TD). Financials. Down 49 cents, or 0.69 per cent, to $71.01 on 6.3 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Down 40 cents, or 1.33 per cent, to $29.77 on 5.6 million shares.
Air Canada. (TSX:AC). Industrials. Down 43 cents, or 1.91 per cent, to $22.07 on 5.3 million shares.
Companies in the news:
TMAC Resources Inc. (TSX:TMR). Down 10 cents or 7.7 per cent to $1.20. Shares in TMAC Resources Inc. fell sharply early on, recovered and then closed lower on Tuesday after it announced Ottawa has blocked its $230-million sale to China's Shandong Gold Mining Co. Ltd. Ottawa made the decision following a review under the Investment Canada Act, the Canadian miner said in a news release, adding it is now in talks with Shandong regarding termination of the transaction. "While we are disappointed with the outcome, we are very pleased that TMAC achieved significant operation improvements at Hope Bay," said CEO Jason Neal in a news release, referring to TMAC's gold mining project in Nunavut. TMAC shares fell by as much as 25 cents to $1.05 earlier in the day. Shandong announced the deal in May to buy TMAC for $1.75 per share in cash. The friendly deal had received Chinese regulatory approvals and TMAC shareholders voted 97 per cent of their shares in favour of it in June. However, the federal cabinet ordered a national security review of the proposed sale in October. A spokesperson for Innovation, Science and Economic Development Canada confirmed the decision in an email.
Open Text Corp. (TSX:OTEX). Up 94 cents or 1.63 per cent to $58.64. Open Text says it has reached a deal with the U.S. Internal Revenue Service to settle a US$830-million claim related to its taxable income for its 2010 and 2012 financial years. Under the agreement, OpenText will pay US$290 million to the IRS in U.S. federal taxes and interest. The company says the settlement also eliminates about US$90 million in future withholding taxes that OpenText had expected to pay over the next 10 years. Open Text expects the settlement to result in a US$290-million charge for the quarter ended Dec. 31, the second quarter of its 2021 financial year. In connection with the settlement, Open Text says it also expects to make certain associated state tax and interest payments of US$10 million to US$15 million in the 2021 calendar year.
Canadian National Railway Co. (TSX:CNR) Up 29 cents or 0.2 per cent to $140.59. Canadian Pacific Railway Co. (TSX:CP) Up $2.40 or 0.55 per cent to $438.79. The Canadian Transportation Agency says both Canadian National and Canadian Pacific railways exceeded their maximum grain revenue entitlements for the 2019–2020 crop year. The regulator says CN's grain revenue totalled $933.5 million, while its entitlement was $930.3 million. Grain revenue at CP Rail amounted to $999.2 million, while its entitlement was for nearly $997.1 million. The agency says the railways have 30 days to pay the amount by which they exceeded their entitlements plus a five per cent penalty. The rules require the payments go to the Western Grains Research Foundation. The regulator says just over 48 million tonnes of Western grain were moved in the 2019-20 crop year, an increase of 4.3 per cent compared with the previous crop year.
CAE Inc. (TSX:CAE). Up 50 cents or 1.5 per cent to $33.77. CAE says it has acquired Merlot Aero Ltd., a flight crew management software company, in a deal worth at least US$25 million. Under the agreement, CAE is paying US$25 million, plus up to an additional US$10 million in the form of an earn-out. CAE says the deal helps grow its business beyond pilot training. The company is best known for its aircraft simulators, but has been looking to broaden its operations. It says the acquisition of Merlot marks its expansion into digital flight crew management. CAE says the deal is its third announced acquisition since November.
This report by The Canadian Press was first published Dec. 22, 2020.
The Canadian Press