TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (18.729.66, down 104.50 points.)
Barrick Gold Corp. (TSX:ABX). Materials. Down 24 cents, or 1.1 per cent, to $22.45 on 14.6 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Down 15 cents, or 6.6 per cent, to $2.11 on 13.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down 28 cents, or 4.8 per cent, to $5.58 on 12.1 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Down 67 cents, or 0.8 per cent, to $83.15 on 10.9 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 58 cents, or 2.5 per cent, to $22.41 on 10.2 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Down $3.95, or 5.9 per cent, to $62.95 on 10.1 million shares.
Companies in the news:
Shaw Communications Inc. (TSX:SJR.B). Down $1.25 or 3.3 per cent to $36.98. Talks between the Competition Bureau and Rogers Communications Inc. and Shaw Communications Inc. this week failed to resolve the regulator’s objections to their merger, the companies said Wednesday. Carleton University professor Dwayne Winseck said the result suggests the proposed sale of wireless carrier Freedom Mobile to Quebecor Inc. is not enough to ease the regulator’s concerns about the proposed merger, especially since the Shaw Mobile business would be retained. Rogers and Shaw met with the competition watchdog on Monday and Tuesday as part of a mediation process. The regulator has been trying to block the merger, arguing that it would result in less choice for Canadians and lead to higher bills for consumers. The Competition Bureau has said that the sale of Freedom wouldn’t replace the growing competition Shaw Mobile would deliver in Alberta and British Columbia and would ultimately make it a weaker competitor. The companies said they intend to continue to work to highlight the benefits of their merger, including the proposed sale of Freedom to Quebecor.
Resolute Forest Products Inc. (TSX:RFP). Up $10.34 or 63.7 per cent to $26.57. The Paper Excellence Group has signed a deal to buy Resolute Forest Products Inc. in an agreement that values the company at US$2.7 billion. Patrick Loulou, chief strategy officer of the Paper Excellence Group, said Resolute is an ideal fit for the company’s long-term growth strategy. Under the proposal, the parent company of Domtar Corp. will pay US$20.50 per Resolute share, a 64 per cent premium to the share’s closing price on Tuesday. Resolute shareholders will also receive a contingent value right that entitles the holder to a share of future softwood lumber duty refunds on approximately US$500 million of deposits paid by Resolute through June 30. Paper Excellence bought Domtar last year in a deal that valued the company at about US$3 billion. The company said Wednesday Resolute will become a wholly owned subsidiary of Domtar and continue to operate on a business-as-usual basis under the Resolute name. Resolute’s management team will also remain in place at the company’s headquarters.
Tidewater Midstream and Infrastructure Ltd. (TSX:TWM). Down two cents or 1.6 per cent to $1.23. Tidewater Midstream and Infrastructure Ltd. has pleaded guilty to a charge related to the company’s release of acidic water in west-central Alberta in October 2019. The Calgary-based company was charged in October 2021 with breaching environmental protection laws by the Alberta Energy Regulator. In an agreed statement of facts, Tidewater acknowledged the release occurred at the company’s Ram River sour gas processing plant near Rocky Mountain House. The acidic water flowed into a nearby creek. The regulator levied a penalty of $100,200 following Tidewater’s guilty plea. Tidewater is an integrated midstream and energy infrastructure company with approximately 420 employees. It has operations throughout Alberta and B.C.
Telus Corp. (TSX:T). Up seven cents to $28.92. Telus Corp. marked the opening of its new 60-storey Calgary headquarters on Wednesday. The new $400-million skyscraper, Telus Sky, has been in development for nine years and is now the third-tallest building in downtown Calgary. It features 750,000 square feet of office and retail space as well as 326 rental homes. The building’s eye-catching design, by architects Bjarke Ingels Group (BIG) and Dialog, along with developer partner Westbank and Allied, starts with a rectangular floorplate and then gradually twists as it rises. Integrated into the facade of Telus Sky is Canada’s largest public art display. “Northern Lights,” by Canadian author and artist Douglas Coupland, creates a light show across the building’s exterior. Telus Sky will be home to more than 1,600 Telus employees. It joins TELUS Garden in Vancouver, TELUS Harbour Toronto, TELUS House Ottawa, and Place TELUS Québec as one of the company’s LEED (Leadership in Energy and Environmental Design) Platinum-certified buildings.
This report by The Canadian Press was first published July 6, 2022.