TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,461.93, up 60.44 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up 14 cents, or 7.37 per cent, to $2.04 on 22.7 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up 49 cents, or 0.79 per cent, to $62.28 on 19.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 51 cents, or 4.39 per cent, to $12.13 on 10.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 36 cents, or 1.43 per cent, to $25.49 on 9.2 million shares.
Power Corp. of Canada. (TSX:POW). Financials. Down 27 cents, or 0.64 per cent, to $42.11 on 6.9 million shares.
BlackBerry Ltd. (TSX:BB). Technology. Up $1.23, or 10.08 per cent, to $13.44 on 6.9 million shares.
Companies in the news:
SNC-Lavalin Inc. (TSX:SNC). Down 83 cents or 2.2 per cent to $36.10. The SNC-Lavalin legal saga was thrust back into the spotlight Thursday after the RCMP announced they've charged two former executives and the engineering company itself for allegedly paying bribes to obtain a Montreal bridge repair contract. Former SNC-Lavalin vice-president Normand Morin and former SNC-Lavalin International Inc. vice-president Kamal Francis, along with SNC-Lavalin and its subsidiary, have each been charged with forgery, conspiracy to commit forgery, fraud, conspiracy to commit fraud, fraud against the government, and conspiracy to commit fraud against the government. The two former executives have been released from custody and are due to appear in a Montreal court on Sept. 27 along with representatives from SNC-Lavalin and SNC-Lavalin International. The Director of Criminal and Penal Prosecutions (DPCP) has agreed to send an invitation to negotiate a remedial agreement with SNC-Lavalin and SNC-Lavalin International Inc. The invitation went out on Thursday. Neither executive is eligible for such an offer. Such a deal, a so-called deferred prosecution agreement, would allow SNC-Lavalin to continue doing business with the governments of Quebec, Canada and abroad.
Cineplex Inc. (TSX:CGX). Up six cents to $13.30. The chief executive of Cineplex Inc. says his company's decision to slow payments to film studios and seek rent deferrals and abatements during the pandemic was akin to moves being made by Cineworld Group PLC and other large Canadian retailers. Ellis Jacob told the Ontario Superior Court of Justice on Thursday that after the arrival of COVID-19, it was common for global theatre operators and other businesses to try to preserve cash in these ways as people avoided non-essential gatherings. Cineplex's response to the pandemic has been a key issue as the Toronto-based theatre chain faces off in court against Cineworld, a U.K. cinema company that announced it would purchase Cineplex for $2.8 billion in December 2019. Cineworld backed out of the deal in June 2020, arguing it could terminate the agreement without payment because Cineplex strayed from "ordinary course." Cineplex is seeking more than $2.18 billion in damages from Cineworld, which filed a counterclaim valued at about $54.8-million.
Fortis Inc. (TSX:FTS). Down $1.29 or 2.2 per cent to $57.14. With North American natural gas prices soaring to heights not seen in years, Canadians can expect to pay significantly more to heat their homes this winter. While natural gas prices in Canada and the U.S. have not hit the record levels being experienced right now in Europe and the U.K. — where supply shortages are raising the spectre of potential outages this winter — they are still higher than they've been in more than six years. Increased economic activity, the loosening of COVID-19 restrictions around the globe and the phaseout of coal are all helping to drive increased demand for the fossil fuel. At the same time, production hasn't caught up with demand. The uncertainties of the global pandemic have made producers reluctant to make significant capital investments in new drilling programs, and Canadian natural gas storage levels are at five-year lows. North American LNG exports are also running at peak volume to meet global demand, draining inventories. Already, a number of Canadian natural gas distributors have advised their customers of rate hikes. FortisBC Energy Inc., British Columbia's largest natural gas distributor, will increase rates as of Oct. 1, with most customers expected to see their monthly bills increase by approximately $8, or nine per cent.
This report by The Canadian Press was first published Sept. 23, 2021.
The Canadian Press