TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,692.92, up 236.21 points.)
UEX Corp. (TSX:UEX). Materials. Up six cents, or 14.46 per cent, to 47.5 cents on 18.1 million shares.
Athabasca Oil Corp. Energy. Up 13 cents, or 5.67 per cent, to $2.42 on 7.6 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 16 cents, or 0.28 per cent, to $57.51 on 6.8 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 16 cents, or 0.65 per cent, to $24.40 on 6.5 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 31 cents, or 1.34 per cent, to $23.44 on 6.3 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 25 cents, or 2.53 per cent, to $10.13 on 5.9 million shares.
Companies in the news:
Magna International Inc. (TSX:MG). Up four cents to $81.77.Magna International said Friday that COVID-19 lockdowns in China and a stronger U.S. dollar relative to other currencies, particularly the euro, negatively impacted the company’s second-quarter results. The Aurora, Ont., auto parts manufacturer posted a loss in its most recent quarter. It lost US$156 million or 54 cents per diluted share in the second quarter, which includes $1.24 of non-cash impairment charges related to the company’s investment in Russia. The results compared with earnings of US$424 million or US$1.40 per diluted share in the same quarter of 2021. Adjusted net income fell to US$243 million or 83 cents per share, compared with US$426 million or US$1.40 per share a year earlier. However, sales were up compared to the same period in 2021. Magna said sales for the three months ended June 30 were US$9.36 billion, a 3.6 per cent increase from US$9.03 billion last year. The company said higher sales were mainly due to a two per cent increase in global light vehicle production, largely driven by a 14 per cent increase in North America.
Enbridge Inc. (TSX:ENB). Up 16 cents, or 0.28 per cent, to $57.51. Enbridge has extended its push into liquified natural gas as global demand soars, scooping up a stake in a proposed LNG project on the West Coast. On Friday, the Calgary-based energy company announced a deal to jointly invest in the construction and operation of the Woodfibre LNG processing and export facility near Squamish, B.C. Under the partnership agreement, Enbridge will buy a 30 per cent ownership stake in the $5.1-billion venture, with Pacific Energy retaining a 70 per cent stake. Enbridge also reported that earnings attributable to common shareholders dropped in its most recent quarter despite higher revenue. It earned $450 million or 22 cents per share in its second quarter, compared with $1.39 billion or 69 cents per share a year earlier. Adjusted profits were $1.35 billion or 67 cents per share, compared with $1.36 billion or 67 cents per share in the same period of 2021. Revenue in the three months ended June 30 was $13.22 billion, compared with $10.95 billion in the prior-year quarter, the company said. Enbridge reaffirmed its 2022 financial guidance for earnings before interest, taxes, depreciation and amortization of between $15 billion and $15.6 billion and distributable cash flow of $5.20 to $5.50 per share.
Imperial Oil Ltd. (TSX:IMO). Up $2.31, or 3.91 per cent, to $61.37. Imperial Oil CEO Brad Corson said Friday the federal government’s strategy to reduce emissions is becoming “very aggressive and stretches the capability of what is technically and economically feasible.” Earlier this month, Ottawa released a statement outlining ways it could potentially design the oil and gas emissions cap, which is part of its 2030 emissions reduction plan, and launched consultations on the matter. The first option is a cap-and-trade system under the Canadian Environmental Protection Act that sets regulated limits on emissions from the sector. The second option would impose a steeper carbon price on the industry. Imperial has laid out its own goals to reduce its greenhouse gas intensity by 30 per cent by 2030 and reach net-zero in the company’s oilsands operations by 2050. His comments come as the company recorded a meteoric rise in profit in its latest quarter amid soaring energy prices and higher production. The Calgary-based company said its net income in the second quarter was $2.41 billion or $3.63 per share, more than six times higher than the $366 million or 50 cents per share it recorded in the same period of 2021. Total revenue and other income in the three months ended June 30 amount to $17.31 billion, compared with $8.05 billion last year. The company also announced a third-quarter dividend of 34 cents per share.
Tim Hortons (Restaurant Brands International Inc.)(TSX:QSR). Up 58 cents, or 0.85 per cent, to $68.65. Tim Hortons said Friday it has reached a proposed settlement in multiple class-action lawsuits alleging the restaurant’s mobile app violated customer privacy that would see the restaurant offer a free coffee and doughnut to affected users. The company said the settlement, negotiated with the legal teams involved in the lawsuits, still requires court approval. The coffee and doughnut chain said the deal would see eligible app users receive a free hot beverage and baked good. Tim Hortons said in court documents it would also permanently delete any geolocation information it may have collected between April 1, 2019, and Sept. 30, 2020, and direct third-party service providers to do the same. The proposed settlement comes after an investigation by federal and provincial privacy watchdogs found the mobile ordering app violated the law by collecting vast amounts of location information from customers.
This report by The Canadian Press was first published July29,2022.