TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,183.72, up 36.48 points.)
Enbridge Inc. (TSX:ENB). Energy. Down eight cents, or 0.16 per cent, to $49.41 on 8.6 million shares.
The Bank of Nova Scotia. (TSX:BNS). Financials. Up 15 cents, or 0.19 per cent, to $79.22 on 7.8 million shares.
The Toronto-Dominion Bank. (TSX:TD). Financials. Unchanged at $84.65 on 7.3 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Unchanged at $1.45 on 5.2 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Down six cents, or 6.74 per cent, to 83 cents on 5.2 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 14 cents, or 3.02 per cent, to $4.50 on 4.3 million shares.
Companies in the news:
CAE Inc. (TSX:CAE). Down four cents to $35.82. Canadian aviation company CAE Inc. says it is investing $1 billion into innovation as part of a partnership with the Canadian and Quebec governments to position it as a global leader in its field. The Montreal-based maker of flight simulators and other aircraft training devices says the money will go toward developing artificial intelligence and data solutions to be used in civil aviation, defence and security, and health care. The Canadian government is contributing $190 million and the Quebec government $150 million. It's part of the company's five-year research and development plan dubbed Project Resilience, which could also see CAE produce green technology for light aircraft. The funding will also go toward developing simulation technology, and to develop electric aircraft that can take off and land vertically. CAE said the funding will result in 700 new highly skilled jobs and 5,000 work experience positions for students at post-secondary institutions. The company employs more than 11,000 people around the world, with more than half of them in 18 locations across Canada.
Alimentation Couche-Tard Inc. (TSX:ATD.B). Up $2.67 or 5.8 per cent to $49.08. Investor interest in Alimentation Couche-Tard Inc. is on the rise as its share price rose to a record high Thursday, following upgrades by several analysts after the convenience store retailer's investor day presentation. The Quebec-based company's class-B shares closed up $2.67 or 5.8 per cent to $49.08 after hitting $49.22 earlier in the day. On Wednesday, the company discussed a growth strategy that was well-received by analysts. It outlined how it would achieve its 2018 strategy of doubling its earnings before in interest, taxes, depreciation and amortization to US$6.3 billion by the end of fiscal 2023, with half coming from acquisitions and half from organic growth. A series of company executives detailed the company's plans for the future from offering fresh food at 6,000 North American stores, to exporting its experience with electric vehicle charging in Norway to adopting more "frictionless" shopping in-store and licence plate recognition for fuel payment. Analysts were enthusiastic in the aftermath of the presentation. The meeting "gives us greater confidence in ATD’s ability to meet and exceed stated EBITDA growth target," Irene Nattel of RBC Dominion Securities wrote in a report, where she raised her target price for company shares 14 per cent, to $65 from $57.
Cogeco Communications Inc. (TSX:CCA). Down $1.49 or 1.2 per cent to $120.41. Cogeco Communications Inc. is taking advantage of government financial support to expand its high-speed internet footprint in rural and underserviced areas of Canada as well as in the United States. The Montreal-based company, which successfully fended off a hostile takeover attempt by Rogers Communications Inc. last year, said it plans net spending in a range of about $230 million to $240 million in network expansions to connect 124,000 homes. High-speed internet would be expanded to about 59,000 Canadian homes, mainly in Quebec, and about 65,000 American homes would added by the end of fiscal 2022. Cogeco anticipates that additional government support will help further expansion in Ontario. The federal and Quebec governments announced in March $826.3 million in funding to bring high-speed internet to nearly 150,000 Quebec households by September 2022 with Cogeco receiving more than $200 million. The company's growth plans follow its U.S. subsidiary Atlantic Broadband's acquisition of WOW Ohio systems. After markets closed on Wednesday, Cogeco Communications reported a profit attributable to owners of the corporation of $95.7 million or $2.01 per diluted share for the quarter ended May 31. The result compared with a profit of $90.8 million or $1.87 per diluted share in the same quarter a year earlier. Revenue for what was the company's third quarter climbed 3.1 per cent to $624.3 million from $605.8 million in the same quarter last year.
Inter Pipeline Ltd. (TSX:IPL). Up 64 cents or 3.2 per cent to $20.91. Brookfield Infrastructure Partners LP has upped its hostile takeover bid for Calgary-based Inter Pipeline Ltd. The company is now offering $20 in cash or 0.25 of a Brookfield Infrastructure share for each Inter Pipeline share, with a cap on the number of shares that are available. Brookfield said assuming shareholders select the higher-value Brookfield Infrastructure share option resulting in 68 per cent cash and 32 per cent share proration, the offer is valued at $21.23, based on its share price of $95.41 on Wednesday. The proposal is up from its earlier bid of $19.50 in cash or 0.225 of a Brookfield Infrastructure share. The revised offer will expire at 5 p.m. MST on Aug. 6, Brookfield said. Toronto-based Brookfield Infrastructure, which is Inter Pipeline's largest shareholder with a 9.75 per cent stake, launched its bid for Inter Pipeline in February. Inter Pipeline has resisted the bid, instead signing a friendly all-stock deal to be bought by Pembina Pipeline Corp. that would see shareholders receive half a Pembina share for each Inter Pipeline share they hold.
This report by The Canadian Press was first published July 15, 2021.
The Canadian Press