TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,744.23, up 53.42 points.)
Cenovus Energy Inc. (TSX:CVE). Energy. Up $2.18, or 10.3 per cent, to $23.27 on 13.7 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 37 cents, or 5.7 per cent, to $6.84 on 8.9 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.59, or 3.9 per cent, to $42.15 on seven million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 23 cents, or 0.9 per cent, to $24.91 on 6.1 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up eight cents, or 0.1 per cent, to $56.16 on 5.5 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up six cents, or 2.5 per cent, to $2.48 on 5.1 million shares.
Companies in the news:
Teck Resources Ltd. (TSX:TECK.B). Up $5.28 or 11.7 per cent to $50.36. Teck Resources Ltd. posted another record quarterly profit Wednesday, putting the company in strong financial position as it gears up for the completion of its massive new QB2 copper mine in Chile later this year. The Vancouver-based mining company reported first-quarter earnings of $1.57 billion, up from $305 million as demand for its copper, zinc and steelmaking coal surged. It also benefited from higher crude prices through its stake in the Fort Hills oilsands mine. The company said its profit amounted to $2.87 per diluted share for the quarter ended March 31, up from 57 cents per diluted share a year earlier. Revenue totalled $5.03 billion compared with nearly $2.55 billion in the first three months of 2021. Teck's copper revenue amounted to $930 million, up from $767 million a year earlier, as global copper prices reached an all-time quarterly average record. Zinc revenue was $920 million, up from $570 million, as zinc prices increased by 36 per cent to an average of US$1.70 per pound.
Cenovus Energy Inc. — The investment tax credit unveiled by the federal government earlier this month isn't enough to convince Canada's major oilsands producers to begin construction on a proposed massive carbon capture and storage transportation line, the chief executive of Cenovus Energy Inc. said Wednesday. On a conference call with analysts, Alex Pourbaix said industry will need "more help" from both the federal government and the government of Alberta in order to go ahead with large-scale carbon capture and storage projects like the one proposed by the Oil Sands Pathways to Net Zero consortium. Earlier, Cenovus announced a first-quarter profit of $1.6 billion, compared with a profit of $220 million in the first quarter of 2021. Revenue totalled $16.2 billion, up from $9.3 billion in the same quarter last year. Cenovus also announced the tripling of its quarterly dividend.
CGI Inc. (TSX:GIB.A). Up $1.01 or one per cent to $102.99. CGI Inc. reported a profit of $372 million in its latest quarter, up from $341.2 million a year earlier, as its revenue grew six per cent. The business technology and consulting firm says the profit amounted to $1.53 per diluted share for the quarter ended March 31, up from $1.34 per diluted share a year earlier. Revenue in what was the second quarter of CGI's financial year totalled $3.27 billion, up from $3.08 billion in the same quarter last year. On a constant currency basis, CGI says revenue grew by 10 per cent year over year. The company's profit excluding specific items amounted to $1.53 per diluted share, up from $1.35 a year earlier. Analysts on average had expected a profit of $1.51 per share and $3.19 billion in revenue, according to financial markets data firm Refinitiv.
Transat A.T. (TSX:TRZ). Unchanged at $4.57. Transat A.T. chief executive Annick Guérard says the tour operator is working to improve the long phone-wait times and customer service frustrations plaguing the airline sector throughout the pandemic. Following its annual shareholder meeting Wednesday, the CEO said she hopes the hours passengers spend on hold to get through to a service agent will be a thing of the past by summer. Guérard acknowledged that customer service has not lived up to the "outstanding" standards the company tries to meet. Guérard, who took over as CEO in May 2021 — during the airline's six-month shutdown — also says customers should steel themselves for higher fares due to soaring jet fuel prices, which spiked after Russia's invasion of Ukraine. The Montreal-based company is trying to streamline operations and shore up its domestic network along with routes to sun spots and European cities as competition with Canadian and overseas rivals heats up amid resurgent travel demand.
This report by The Canadian Press was first published April 27, 2022.
The Canadian Press