Most actively traded companies on the Toronto Stock Exchange
TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,595.62, up 201.17 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 42 cents, or 1.1 per cent, to $39.74 on 13.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 99 cents, or 1.8 per cent, to $55.12 on 11 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Up 77 cents, or one per cent, to $79.66 on 10.9 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up 26 cents, or 12.8 per cent, to $2.29 on 10.7 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 35 cents, or 1.6 per cent, to $22.38 on 9.6 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 61 cents, or 2.9 per cent, to $21.84 on 9.3 million shares.
Companies in the news:
Suncor Energy Inc. — Suncor Energy Inc. said Monday that it has reached a deal with activist investor Elliott Investment Management LP that will see it undertake a strategic review of its Petro-Canada gas station chain with the goal of "unlocking shareholder value." The review of Suncor's retail business will include the consideration of a range of alternatives including a potential sale of the operations, the company said in a statement. There are more than 1,500 Petro-Canada gas stations and store locations nationwide. In an interview, Eight Capital analyst Phil Skolnick said he doesn't think Suncor will sell the Petro-Canada retail business in the end. But if Suncor does end up making the move to sell its retail business, Skolnick said there would likely be "multiple players" involved in buying it. He didn't offer any ideas on who that could potentially be. RBC analyst Irene Nattel said in a note to clients that Alimentation Couche-Tard Inc. would likely be interested in participating in the sale of Petro-Canada. Suncor's board expects to complete the strategic review in the fourth quarter of this year and will provide an update at that time.
Bank of Montreal (TSX:BMO). Up $1.41 or 1.2 per cent to $121.25. A BMO Capital Markets senior economist says the Bank of Canada's recent move to increase its key interest rate is setting up the housing market for an even deeper correction next year. Robert Kavcic says governor Tiff Macklem's surprise one-percentage-point rate hike last week was like taking a hammer to the housing market. In a note to investors, Kavcic says the increase which prompted the commercial banks to increase their prime rates has made it more difficult to qualify for a mortgage under Canada's stress test rules. The test sets the qualifying rate for uninsured mortgages at either two percentage points above the contract rate or 5.25 per cent, whichever is greater. Kavcic says before the move, variable-rate borrowers were still qualifying at 5.25 per cent, but that has now shifted up to around six per cent, which he considers "a massive pill for the market to swallow." Fixed-rate borrowers are qualifying around seven per cent, which he says will carve into their purchasing power too.
Precision Drilling Corp. (TSX:PD). Up $6.22 or nine per cent to $75.20. Precision Drilling Corp. has signed a deal to buy the Canadian well servicing business of High Arctic Energy Services Inc. for $38.2 million in cash. The deal adds to Precision's fleet of service rigs and includes rental assets, ancillary support equipment, inventories and spares, and six additional operating facilities in key basins. Precision CEO Kevin Neveu says the acquisition expands the company's well servicing division with high-quality rigs and field personnel as well as strategic regional positioning. He says High Arctic’s people are well known for their focus on safety and field execution. Under the agreement, Precision will make an initial payment of $10.2 million at closing, with the remaining balance due in January 2023. The transaction is subject to customary closing conditions and is expected to close before the end of the month. In a separate statement, High Arctic also says it has signed a deal to sell its Canadian snubbing business to Team Snubbing Services Inc. in an agreement that values the assets at $11.1 million.
This report by The Canadian Press was first published July 18, 2022.
Provided Content: Content provided by Canadian Press. The Globe and Mail was not involved, and material was not reviewed prior to publication.