TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,633.27, down 128.76 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down 64 cents, or 2.07 per cent, to $30.29 on 24.2 million shares.
Harte Gold Corp. (TSX:HRT). Materials. Down half a cent, or 25 per cent, to 1.5 cents on 13.8 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 18 cents, or 0.35 per cent, to $51.90 on 12.7 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up six cents, or 1.71 per cent, to $3.56 on 10.7 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down four cents, or 2.38 per cent, to $1.64 on 8.6 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 27 cents, or 1.74 per cent, to $15.22 on 7.7 million shares.
Companies in the news:
Canadian National Railway Co. (TSX:CNR). Down 87 cents to $164.34. Canadian National Railway Co. says it aims to reopen its network in southern British Columbia this weekend after another bout of rain and wind prompted a second shutdown. CN said Friday that engineers and construction crews continue to work on the Vancouver-Kamloops corridor, which was first cut by landslides and washouts amid torrential downpours in mid-November. The country's largest railroad operator restored limited service along the vital supply link last week before opting to "proactively close" the line again Monday as more rain triggered further mudslides, flooding and debris. The Montreal-based railway has also been able to divert some traffic to the Port of Prince Rupert, which remains fully operational and unaffected by the severe weather. Meanwhile, Canadian Pacific Railway Ltd. says service in the region is ongoing, including to the Port of Vancouver. CP cars loaded with Prairie grain and fuel entered Vancouver last week for the first time in days after its rail corridor sustained heavy damage in some 30 locations between Vancouver and Kamloops, B.C. However, the Calgary railway has said it needs access to CN tracks on its busiest corridor where they share rail infrastructure in order to maximize capacity.
BMO Financial Group. (TSX:BMO). Up $3.17 or 2.4 per cent to $137.98. BMO Financial Group wrapped the week of Big Six financial results by announcing the biggest dividend raise and share buyback plan of all the banks as it reported earnings that were boosted in part by efficiency gains. The bank said Friday that it had raised its quarterly dividend 25 per cent to $1.33 per share and said it would buy back up to 22.5 million shares representing 3.5 per cent of shares outstanding. The payout commitment came as the bank reported a fourth-quarter profit of nearly $2.2 billion, up from almost $1.6 billion in the same quarter last year, and said it had made efficiency gains that should also result in expenses being largely flat next year despite inflationary pressures. Chief executive Darryl White said the bank has been on a cost-reduction push for years that has helped improve its efficiency ratio, a key measure of how well banks translate assets into profits, by 540 basis points since 2018 to 56.5 per cent. The bank has also held expenses flat for the last two years, excluding higher performance-based compensation this year, as it has scaled back on some business areas. Going forward, White said there are plans to more efficiently use real estate and improve back-office functions.
AltaGas Ltd. (TSX:ALA). Up 13 cents to $24.50. AltaGas Ltd. says it is raising its dividend six per cent for next year and moving to a quarterly payment schedule from monthly payments to shareholders. The company says it will pay a quarterly dividend of 26.5 cents per share starting with a March payment. AltaGas has been paying a monthly dividend of 8.33 cent share. It says the monthly payments will continue until the end of this year. AltaGas is a energy infrastructure company with operations in Canada and the United States. The company is expected to hold an investor day on Dec. 15 when it will discuss its priorities and growth plans.
CWB Financial Group. (TSX:CWB). Down $1.65 or 4.4 per cent to $35.75. CWB Financial Group raised its dividend as it reported its fourth-quarter profit rose compared with a year ago to beat expectations. The Edmonton-based bank says it will now pay a quarterly dividend of 30 cents per share, up from 29 cents. The increased payment to shareholders came as CWB said it earned a profit attributable to common shareholders of $90 million or $1.01 per diluted share for the quarter ended Oct. 31, up from a profit of $63.4 million or 73 cents a year earlier. Revenue totalled $260.6 million, up from $236.6 million in the same quarter last year. CWB posted a $10.2-million reversal of its provisions for credit losses, compared with a charge of $19.6 million in the same quarter last year. On an adjusted basis, CWB says it earned $1.03 per share, up from an adjusted profit of 75 cents per share in its fourth quarter last year. Analysts on average had expected an adjusted profit of 86 cents per share, according to financial markets data firm Refinitiv. For its full year, CWB says it earned a profit attributable to common shareholders of $327.5 million or $3.73 per diluted share on $1 billion in revenue. The result compared with a profit of $249 million or $2.86 per diluted share on $897.4 million a year earlier.
This report by The Canadian Press was first published Dec. 3, 2021.
The Canadian Press