TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,611.56, up 63.05 points.)
Canadian Natural Resources (TSX:CNQ). Energy. Down $1.30, or 1.7 per cent, to $77.18 on 13.1 million shares.
TC Energy Corp. (TSX:TRP). Energy. Down $1.21, or 1.7 per cent, to $68.98 on 10.4 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 98 cents, or 1.9 per cent, to $50.02 on 9.8 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Unchanged at $3.03 on 9.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down $1.02, or 3.6 per cent, to $27.71 on 9 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 18 cents, or 1.5 per cent, to $11.83 on 8.7 million shares.
Companies in the news:
Power Corp. (TSX:POW). Down four cents to $33.88. Wealthsimple is laying off 13 per cent of its workforce as the financial services company joins the slew of global technology businesses facing “market volatility.” In a letter sent to staff of the Toronto-based business on Wednesday, chief executive Michael Katchen said 159 of the 1,262 people who work for Wealthsimple will depart the company through the move. He positioned the cuts as part of the fallout from months of seeing the market soar and Wealthsimple grow at an “unprecedented” rate amid the COVID-19 pandemic. The changing conditions mean the company will now focus more heavily on core businesses, like investing and banking, and products he believes will power financial innovation, like those within the crypto industry. Wealthsimple was founded in 2014 by Katchen and is primarily owned by Power Corp.
Hexo Corp. (TSX:HEXO). Down one cent or 3.6 per cent to 27 cents. Hexo Corp. says its ongoing plan to streamline the cannabis business and cut costs includes the reduction of 450 jobs. The Gatineau, Que.-based marijuana producer says in financial filings that the reduction will result in annualized savings of $30.6 million and is meant to simplify its organizational structure so costs are more closely aligned with the business’ size. The company’s latest management’s discussion and analysis paper says most of the reductions will be achieved by relying less on outside consultants, a new informational technology platform and synergies discovered through recent acquisitions. The document also says the company will close a processing and manufacturing facility in Belleville, Ont., by the end of July 2022. The company did not immediately respond to a request for comment on the cuts, which came as Hexo announced that it lost about $147 million in its third quarter compared with $21 million during the same period the year prior.
Kinross Gold Corp. (TSX:K). Up three cents to $5.29. Kinross Gold Corp. says it has completed the sale of its Russian assets to the Highland Gold Mining group of companies for US$340 million, half of what it had negotiated earlier, after Russian authorities capped the price. The Canadian gold miner had announced a deal in April to sell the assets including the Kupol mine and surrounding exploration licences for US$680 million. However, Kinross says the price was changed after a review by the recently formed Russian Sub-commission on the Control of Foreign Investments which approved the sale for a price not exceeding US$340 million. Highland Gold is one of the largest gold mining companies in Russia. Under the revised agreement, Kinross says it has received US$300 million in its corporate account and will receive a deferred payment of US$40 million on the one-year anniversary of closing.
BCE Inc. (TSX:BCE). Up 35 cents to $63.80. The Canadian Radio-television and Telecommunications Commission (CRTC) is imposing $7.5 million in penalties on Bell Canada, owned by BCE Inc., for violations of the Telecommunications Act. The regulatory agency says Bell denied permit applications from Quebec’s Videotron that would have given it access to the telecom giant’s telephone poles. The CRTC says this delayed Videotron’s network deployment and created a competitive advantage for Bell. Ian Scott, chairman and CEO of the CRTC, says the decision proves that the regulatory agency “will not hesitate to use the tools at (its) disposal” to maintain competitiveness in the broadcasting and telecom industry. The CRTC says the penalties should “deter future non-compliance” with the Telecommunications Act. Bell says it is “reviewing the decision” and has “no comment at this time.”
This report by The Canadian Press was first published June 15, 2022.