TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,532.18, up 148.43 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Up 41 cents, or 1.8 per cent, to $23.11 on 23.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up nine cents, or 0.2 per cent, to $50.56 on 17.9 million shares.
Western Energy Services Corp. (TSX:WRG). Unchanged at four cents on 12.6 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 82 cents, or three per cent, to $26.37 on 10.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up nine cents, or 0.3 per cent, to $28.18 on 10 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 78 cents, or 1.3 per cent, to $58.59 on 8.4 million shares.
Companies in the news:
Enbridge Inc. — Energy transportation giant Enbridge Inc. will be going ahead with two pipeline projects to service a new liquefied natural gas facility in the U.S., part of the Canadian company’s push to grow its LNG business as global demand soars. The Calgary-based pipeline company announced Thursday it will transport 1.5 billion cubic feet per day of natural gas from basins in the U.S. to Venture Global’s recently sanctioned Plaquemines LNG plant in Plaquemines Parish, La. U.S.-based LNG company Venture Global announced on Wednesday that it will go ahead with the first phase of construction of the Plaquemines LNG facility, after securing US$13.2 billionin financing. Enbridge said its two pipelines that will supply the facility are the 43-km Gator Express Meter Project, expected to be in service in 2023, and the 4.8-km Venice Extension Project, expected to be in service in 2024. The estimated cost for the two projects is US$400 million, underpinned by long-term contracts, the company said.
Royal Bank of Canada (TSX:RY). Down one cent to $128.54. Royal Bank of Canada reported higher earnings Thursday as it said many underlying economic indicators remain strong despite the heightened risk of a recession. CEO Dave McKay said, however, that Russia’s invasion of Ukraine has added complexity to challenges like supply chain disruptions, and shortages in energy, labour and housing that are contributing to inflation and flashing potential late-cycle signals. Central banks have to hit demand “really hard” to contain inflation, said McKay, making it difficult to predict how higher rates and inflation will impact demand and the lack of goods and services to meet that demand. The bank reported revenues of $11.22 billion for the second quarter, down three per cent from a year ago, while its net income of $4.25 billion was up six per cent from a year earlier. Revenues were down largely from its capital markets division from the unfavourable market conditions, while profitability was boosted in part by the credit loss reversal.
CIBC (TSX:CM). Down $1.43 or two per cent to $68.67. CIBC reported Thursday that its revenue climbed in the second quarter compared with last year, but earnings dipped as both spending to power growth and provisions for potential future loan losses ate into profits at a time of increased uncertainty. While uncertainty is increasing, the bank still saw substantial growth with revenue of $5.38 billion, up nine per cent from a year ago on broad-based loan and deposit growth, higher fee income and strong client-based trading activity. Revenue did, however, slip 2.3 per cent from the previous quarter. The bank diverged from other banks in raising its credit loss provisions in the quarter, up an adjusted $209 million, or $303 million with the inclusion of the impacts of the Costco credit card portfolio, on what it said was increased risk from rising interest rates and higher spending at a time of increased uncertainty. The bank said Thursday it will now pay a quarterly dividend of 83 cents per share, up from 80.5 cents per share.
AltaGas Ltd. (TSX:ALA). Up 83 cents or 2.8 per cent to $30.28. AltaGas Ltd. says it has signed a deal to sell its Alaskan utilities business to TriSummit Utilities Inc. for $1.025 billion. The sale includes Enstar Natural Gas, a gas distribution company in Alaska with about 150,000 customers; the Alaska Pipeline Co., which operates transmission and distribution pipelines for Enstar; the company’s 65 per cent indirect interest in Cook Inlet Natural Gas Storage Alaska; and other ancillary operations. AltaGas says once the deal is complete, its remaining utilities will be concentrated in the eastern U.S., including Maryland, Virginia, Michigan and the District of Columbia. The company says the proceeds from the sale will initially be used to reduce debt while providing it with the financial flexibility to advance its growth opportunities. The deal is subject to customary closing conditions including regulatory approvals. It is expected to close no later than the first quarter of 2023.
TD Bank Group (TSX:TD). Up $1.47 or 1.6 per cent to $95.23. TD Bank Group reported its second-quarter net income totalled $3.81 billion, up from $3.70 billion in the same quarter last year. The bank said Thursday the profit for the quarter ended April 30 totalled $2.07 per diluted share, up from $1.99 per diluted share a year ago. Revenue in the quarter totalled $11.26 billion, up from $10.23 billion in the same quarter last year. The results came as TD reported a provision for credit losses of $27 million for the quarter compared with a $377-million recovery of credit losses a year ago. On an adjusted basis, TD says it earned $2.02 per diluted share, down from an adjusted profit of $2.04 per diluted share in the same quarter last year. TD said its Canadian retail business earned $2.24 billion in its latest quarter, up from a profit of $2.18 billion in the same quarter last year, helped by higher revenue, partially offset by higher non-interest expenses, insurance claims and provisions for credit losses. Meanwhile, TD’s U.S. retail business earned $1.37 billion, up from a profit of $1.32 billion.
This report by The Canadian Press was first published May 26, 2022.