TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,604.19, up 227.01 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up 11 cents, or 6.5 per cent, to $1.80 on 13.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 11 cents, or 0.2 per cent, to $54.44 on 8.8 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 79 cents, or 4.3 per cent, to $19.09 on 8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 39 cents, or 1.1 per cent, to $36.59 on 7.3 million shares.
Denison Mines Corp. (TSX:DML). Materials. Up 14 cents, or 9 per cent, to $1.69 on 7.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 12 cents, or 2.5 per cent, to $4.89 on 6.7 million shares.
Companies in the news:
Canopy Growth Corp. (TSX:WEED). Up $1.45 or 14.8 per cent to $11.22. Canopy Growth Corp. warned Wednesday that market headwinds could hamper the cannabis company's ability to be profitable in Canada, even after it spent months uncovering $85 million in cost savings. The Smiths Falls, Ont., business behind the Tweed, Tokyo Smoke and Doja brands previously predicted it would be profitable in the second half of its fiscal 2022, but reassessed that goal last November. At the time, the company did not provide a new timeline, but announced that reaching its past goals will take longer than expected because of market share challenges and a slower-than-expected U.S. launch of its BioSteel products. Canopy reported a net loss of $115.5 million in its latest quarter compared with a net loss of $829.3 million a year earlier, while its net revenue fell eight per cent to $141 million from $152.5 million as Canadian cannabis sales fell. Canopy's global cannabis net revenue amounted to $83 million in the quarter, down from $103.8 million, while other consumer products revenue totalled $58 million, up from $48.7 million a year earlier.
Empire Co. Ltd. (TSX:EMP.A). Up one cent to $39.68. Workers at a Sobeys distribution centre in Quebec have gone on strike after negotiations between the company and the union broke down, a situation that could strain an already delicate food supply chain. About 190 workers at the grocery warehouse north of Montreal walked off the job late Monday and have started picketing outside the Terrebonne facility, said Kim Bergeron, a lawyer representing UFCW Canada's Local 501. The union and the company reached an impasse after more than a dozen meetings since November, with pay and benefits emerging as key sticking points, she said. The strike comes as supply chain setbacks continue to leave some grocery store shelves in Canada less stocked than usual, while higher ingredient, shipping and labour costs are ratcheting up food prices. Sobeys Inc. spokeswoman Jacquelin Weatherbee said the company has contingency plans in place to support its stores in Quebec from its other distribution centres. She noted that Sobeys negotiates more than 60 collective bargaining agreements across Canada each year and had previously not had to deal with a strike in more than a decade.
Héroux-Devtek Inc. (TSX:HRX). Up 38 cents or 2.2 per cent to $18.05. Héroux-Devtek Inc. is reporting a major drop in profit and revenue last quarter due to supply chain disruptions brought on by the Omicron variant of COVID-19. The landing-gear manufacturer says delayed deliveries and snags at its U.S. factories pushed down defence sales, while lower demand from commercial aircraft clients suppressed civil aviation sales, despite a boost in business for private jet programs. CEO Martin Brassard says he expects these factors to affect results this quarter as well, though he is confident Héroux-Devtek can "recover the lower throughput" throughout 2022. The Quebec-based company says net income fell 24 per cent to $6.5 million in its third quarter from $8.5 million a year earlier, taking analysts by surprise. It is reporting sales dropped 13 per cent to $131.1 million in the quarter ended Dec. 31 from $150.3 million in the same period in 2020. On an adjusted basis, Héroux-Devtek says earnings per share decreased to 18 cents from 26 cents the prior year, falling below analyst expectations of 24 cents, according to financial data firm Refinitiv.
Cameco Corp. (TSX:CCO). Up $3.60 or 14.3 per cent to $28.84. Cameco Corp. raised its annual dividend as it reported its fourth-quarter profit and revenue fell compared with a year ago. The uranium miner says it will now pay an annual dividend of 12 cents per share, up from eight cents per share. The increased payment to shareholders came as Cameco reported a profit of $11 million or three cents per diluted share for the quarter ended Dec. 31 compared with a profit of $80 million or 20 cents per diluted share a year earlier. Revenue for the quarter was $465 million, down from $550 million in the fourth quarter of 2020. On an adjusted basis, Cameco says it earned six cents per diluted share, down from an adjusted profit of 12 cents per diluted share a year earlier. In its outlook for this year, Cameco says it expects revenue for 2022 between $1.5 billion and $1.65 billion. Capital expenditures for the year are estimated between $150 million and $175 million.
This report by The Canadian Press was first published Feb. 9, 2022.
The Canadian Press