TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,484.53, up 154.44 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Up $1.15, or 4.71 per cent, to $25.59 on 25.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 58 cents, or 2.2 per cent, to $26.92 on 21.1 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 10 cents, or two per cent, to $5.09 on 11.4 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 21 cents, or 18.75 per cent, to $1.33 on 11.4 million shares.
Toronto-Dominion Bank (TSX:TD). Financials. Up $1.37, or 1.76 per cent, to $79.40 on 11.3 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up four cents, or 9.3 per cent, to 47 cents on 10.7 million shares.
Companies in the news:
National Bank of Canada (TSX:NA). Up $3.67, or 4.8 per cent, to $79.48. National Bank of Canada topped expectations as it reported its first-quarter profit rose more than 20 per cent compared with a year ago, boosted by growth across its business. Profits were up eight per cent year-over-year in the personal and commercial banking business, up 20 per cent in the wealth management business, up 37 per cent in the financial markets business, and up 60 per cent in the U.S. specialty finance and international business, the Montreal-based bank said in its quarterly report on Wednesday. Provisions for credit losses totalled $81 million, down from $89 million a year earlier. But CEO Louis Vachon said in a statement that the bank is still maintaining "significant reserves for credit losses."
Royal Bank of Canada (TSX:RY). Down 29 cents to $111.88. Royal Bank of Canada beat expectations as it reported its first-quarter profit rose compared with a year ago, before the start of the pandemic, boosted by record earnings from capital markets as well as growth in personal and commercial banking, wealth management and insurance. RBC says it earned net income of $3.85 billion or $2.66 per diluted share for the quarter ended Jan. 31, up from $3.51 billion or $2.40 per diluted share a year earlier. Revenue totalled $12.94 billion, up from $12.84 billion. Provisions for credit losses amounted to $110 million, down from $419 million in the same quarter last year.
Crescent Point Energy Corp. — The CEO of Crescent Point Energy Corp. says the company is poised to benefit from rising oil prices after two years of transformation through selling assets, cutting debt and reducing costs. The Calgary-based company's move last week to buy producing light oil shale assets in Alberta for $900 million from Royal Dutch Shell reflects that confidence, Craig Bryksa said. He said the company expects to generate $375 million to $600 million of excess cash flow this year at US$50 to US$60 WTI (West Texas Intermediate) prices. The company plans to devote most of that cash flow to paying down debt, he said, adding that it will evaluate increasing returns to shareholders over time.
High Liner Foods Inc. (TSX:HLF). Up 61 cents, or 5.1 per cent, to $12.61. High Liner Foods Inc. says it earned a profit in its latest quarter compared with a loss a year ago even as its sales declined. The frozen seafood company, which keeps its books in U.S. dollars, says it earned US$7.4 million or 21 cents per share for the quarter ended Jan. 2, compared with a loss of US$3 million or nine cents per share a year earlier. Sales for the quarter fell to US$198.4 million compared with US$221.6 million for the fourth quarter of 2019. Sales volumes totalled 59.6 million pounds, down from 59.7 million pounds.
Bausch Health Companies Inc. (TSX:BHC). Down 77 cents, or 1.9 per cent, to $38.93. Bausch Health Companies Inc. reported a loss of US$153 million in its latest quarter as its revenue edged lower compared with a year ago. The company, which keeps its books in U.S. dollars, says the loss amounted to 43 cents per share for the quarter ended Dec. 31 compared with a loss of US$1.52 billion or US$4.30 per diluted share a year earlier then it saw a large one-time charge. Revenue for the quarter totalled US$2.21 billion, down from US$2.22 billion. Adjusted net income for the quarter was US$478 million, up from US$404 million in the fourth quarter of 2019.
This report by The Canadian Press was first published Feb. 24, 2021.
The Canadian Press