TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,890.62, down 34.87 points.)
Enbridge Inc. (TSX:ENB). Energy. Up four cents, or 0.08 per cent, to $48.08 on 7.7 million shares.
Star Diamond Corp. (TSX:DIAM). Materials. Up 4.5 cents, or 22 per cent, to 25 cents on 7.6 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 19 cents, or 0.6 per cent, to $31.31 on 7.3 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 15 cents, or 0.3 per cent, to $52.97 on 7.1 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Up 26 cents, or 0.4 per cent, to $65.77 on 7.1 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 14 cents, or 0.6 per cent, to $24.01 on 6.8 million shares.
Companies in the news:
Laurentian Bank of Canada (TSX:LB). Up $2.15 or 5.7 per cent to $40.19. Laurentian Bank of Canada raised its dividend Friday as it reported a fourth-quarter loss related to restructuring charges, while adjusted profits showed gains from a year earlier. Company chief executive Rania Llewellyn said on an analyst call that the bank was raising its dividend by 10 per cent both because it was holding excess capital, and to reward shareholders for sticking with the bank as it reforms and looks to the future. The bank will now pay a quarterly dividend of 44 cents per share, up from 40 cents. The increased payment to shareholders came as the bank said it lost $102.9 million or $2.39 per diluted share in the quarter ended Oct. 31 as it recorded $189.4 million in impairment and restructuring charges following the strategic review. The result compared with a profit of $36.8 million or 79 cents per share in the same quarter last year. On an adjusted basis, Laurentian says it earned $47.8 million or $1.06 per diluted share in its most recent quarter, up from an adjusted profit of $42.3 million or 91 cents per diluted share in the same quarter last year.
Canadian Pacific Railway Ltd. (TSX:CP). Up 72 cents to $92.33. Kansas City Southern shareholders gave a bright green light Friday to the railway's takeover by Canadian Pacific Railway Ltd. Shareholders voted 96.6 per cent in favour at a special meeting that lasted less than 10 minutes, paving the way for the creation of the only single-line rail network connecting Canada, the United States and Mexico. The approval follows a thumbs-up from Mexican regulators last month and from CP shareholders on Wednesday. CP agreed in September to buy KCS in a deal valued at US$31 billion, including the assumption of US$3.8 billion of debt, following a testy battle with Canadian National Railway Co., which was also looking to acquire the U.S. railroad. The U.S. Surface Transportation Board has approved the use of a voting trust for the transaction that allows KCS shareholders to receive payment after shareholders of both companies approve the deal, but before the deal receives final approval. KCS common stockholders will receive 2.884 CP common shares and US$901 in cash for each share of KCS common stock held, with preferred stockholders receiving US$37.50 in cash per share of preferred stock held. CP said the payments will go ahead when the transaction closes into trust, expected on Dec. 14.
This report by The Canadian Press was first published Dec. 10, 2021.
The Canadian Press
