TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,555.03, down 82.51 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Down 54 cents, or 2.16 per cent, to $24.43 on 11.8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 63 cents, or 1.95 per cent, to $31.67 on 9.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 75 cents, or 4.66 per cent, to $15.34 on seven million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 20 cents, or 0.4 per cent, to $50.27 on seven million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 27 cents, or 4.63 per cent, to $5.56 on 6.5 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 24 cents, or 5.93 per cent, to $3.81 on six million shares.
Companies in the news:
Canadian Pacific Railway Ltd. (TSX:CP). Down 54 cents to $94.71. Canadian Pacific Railway Ltd. says it plans to restore service on washed-out tracks in southern British Columbia by midweek after torrential rain and mudslides ground train traffic to a standstill. The railroad operator says crews are working around the clock to repair damaged infrastructure on the CP corridor between Vancouver and Kamloops, with about 20 sections of track cleared or repaired so far. Canadian National Railway Co. said it expects repair work to continue "at least into next week." Since Sunday, the track outages have snarled movement of goods to and from the country's largest port in Vancouver, at the same time as crimped global supply chains prompt ongoing shortages. The Vancouver Fraser Port authority said this week no rail traffic is currently able to flow between Vancouver and Kamloops, including on CN lines. However, the port in Prince Rupert has said it is not affected by the weather event, which saw landslides and flooding sweep away sections of highway and submerge parts of Abbotsford and other cities. CP says it is working with provincial authorities to co-ordinate delivery of critical materials, equipment, food and fuel, including efforts to restore washed-out highways in collaboration with the Transportation Ministry.
Air Canada (TSX:AC). Down 59 cents or 2.4 per cent to $23.55. Air Canada is withdrawing from further federal relief after borrowing more than $1 billion to pay back customers whose flights were cancelled during the COVID-19 pandemic, the company said Friday. Though Ottawa retains an equity stake in the airline, Air Canada's exit from the multibillion-dollar rescue deal marks "another convincing sign of our progress" and liquidity, CEO Michael Rousseau said in a release. The airline reached a $5.9-billion deal with Ottawa in April for an aid package that made loans available to the carrier, but also required pledges to cap executive compensation at $1 million and restore service to regional airports. About 58 per cent of eligible customers requested refunds, including some who were not covered by the federal loan. The rest opted for flight credits, Air Canada said. The relief package also saw the federal government buy $500 million worth of Air Canada shares for a six per cent stake in Canada's biggest airline that Ottawa continues to hold.
Canopy Growth Corp. (TSX:WEED). Down 15 cents to $15.41. Canopy Growth Corp. says chief financial officer Mike Lee and chief product officer Rade Kovacevic are leaving the company at the end of the year. In the interim, the cannabis company says the pair will serve in an advisory capacity to support the transition. Canopy Growth says it has started a search for replacements for both jobs. Judy Hong has been named interim chief financial officer, while Tara Rozalowsky has been named interim chief product officer. Hong joined Canopy Growth in 2019 as vice-president of investor relations and competitive intelligence, after spending more than 20 years at Goldman Sachs. Rozalowsky has been serving as vice-president of beverage and edibles at Canopy Growth.
Air Transat (TSX:TRZ). Up seven cents or 1.4 per cent to $5.04. Air Transat and WestJet have agreed to co-operate on a codeshare agreement for transatlantic travel. The deal will allow travellers to book flights to Europe involving both airlines on a single ticket with through-checked bags. Under the arrangement, WestJet's code will be placed on Air Transat flights to select cities in Europe, while Air Transat's code will be placed on select WestJet flights in North America. The agreement is expected to be implemented early next year, subject to regulatory approvals. The arrangement comes as the airlines look to rebuild after the pandemic devastated the travel industry. Earlier this year, a deal that would have seen Air Canada acquire Air Transat parent company Transat AT was cancelled after the European Commission indicated its unwillingness to approve the transaction.
This report by The Canadian Press was first published Nov. 19, 2021.
The Canadian Press