TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (22,085.60, up 132.65 points.)
Whitecap Resources Inc. (TSX:WSP). Energy. down five cents, or 0.5 per cent, to $10.42 on 23.7 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Up $1.02, or one per cent, to $100.49 on 18.5 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up 44 cents, or 0.6 per cent, to $71.90 on 17.5 million shares.
Bank of Nova Scotia (TSX:BNS). Financials. Down 53 cents, or 0.6 per cent, to $88.54 on 8.5 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 17 cents, or 0.3 per cent, to $58.25 on eight million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 71 cents, or 1.7 per cent, to $41.73 on 7.4 million shares.
Companies in the news:
Metro Inc. (TSX:MRU). Down 17 cents to $71.40. Grocery warehouse workers in Canada appear to be holding out for better pay and benefits after the second strike at a distribution centre in as many months. More than 900 workers at Metro Inc.'s Toronto-area distribution centre went on strike Saturday, following the nearly 200 workers at a Sobeys Inc. distribution centre in Quebec that walked off the job in February. The job action comes as grocers post strong profits and executive bonuses while inflation eats away at the spending power of workers. Canada's unemployment rate has also dropped below pre-pandemic levels, potentially giving workers more confidence in the bargaining process. Metro said the offer included a six per cent wage increase in the first year, with total wage increases of 14 per cent over four years. The grocer said the tentative agreement also included improvements to pensions and benefits.
Cenovus Energy Inc. (TSX:CVE). Up 44 cents or 2.1 per cent to $21.63. Cenovus Energy Inc. is suspending its practice of crude oil price hedging and warning that it expects steep losses on its existing risk management program in its first quarter. The company is one of several oil producers that uses a hedging strategy in order to protect itself against sudden price drops. But in recent months, the benchmark West Texas Intermediate has surged, making hedging a losing game. Cenovus says it expects to post a realized loss of about $970 million on its risk management positions for the three months ending March 31. It expects losses for the current quarter due to hedging to be about $470 million. The company says its balance sheet and liquidity position are now healthy enough that it no longer needs to hedge. Cenovus says it plans to close the bulk of its outstanding crude oil price risk management positions related to WTI over the next two months.
Centerra Gold Inc. (TSX:CG). Down eight cents to $12.48. Canadian miner Centerra Gold Inc. says it has agreed to sell its business interests in the Kyrgyz Republic and exit the country, settling a long-simmering dispute over one of the biggest gold mines in Central Asia. The Toronto-based company says the sale to Kyrgyzaltyn JSC includes Centerra’s two wholly owned Kyrgyz subsidiaries, Kumtor Gold Co. CJSC and Kumtor Operating Co. CJSC, which operate the Kumtor Gold Mine. In exchange, Kyrgyzaltyn will give up its 26 per cent stake in Centerra and its 77.4 million Centerra common shares for cancellation, worth roughly $972 million. The Kyrgyzstani government took over the Kumtor mine in May 2021 citing environmental and safety concerns, though the country has also long accused the company of not paying enough taxes. Centerra has denied those allegations. The company says the agreement, which requires the support of shareholders, is conditional on the release of all claims and the termination of legal proceedings related to the mine.
Great-West Lifeco Inc. (TSX:GWO). Up seven cents to $36.61. The U.S. subsidiary of Canadian insurer Great-West Lifeco Inc. has closed a multibillion-dollar deal to buy the U.S. retirement business of Prudential Financial Inc. The $4.45-billion acquisition expands the Winnipeg-based company's presence in the lucrative U.S. retirement market through its Denver, Colo., subsidiary Empower Retirement. Great-West Life says the deal increases Empower's base to over 16.6 million participants, 71,000 workplace savings plans and about US$1.4 trillion in assets under administration. Paul Mahon, president and CEO of Great-West Life, says the strategic transaction has advanced the company's value-creation priorities and accelerated growth. He says Empower and its customers will benefit from significant added scale and capabilities, solidifying its leadership position in the world's largest retirement market. The company says Empower's contribution to Great-West Life's earnings is expected to grow to 30 per cent by the end of 2023.
This report by The Canadian Press was first published April 4, 2022.
The Canadian Press
