TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,258.32, up 195.41 points.)
Athabasca Oil Corp. (TSX:ATH). Energy. Up six cents, or 2.5 per cent, to $2.49 on 24.2 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.41, or 3.2 per cent, to $45.96 on 13.1 million shares.
TC Energy Corp. (TSX:TRP). Energy. Up $1.47, or 2.2 per cent, to $68.28 on 13 million shares.
Canadian Imperial Bank of Commerce (TSX:CM). Financials. Down 27 cents, or 0.4 per cent, to $62.98 on 11.3 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up $3.60, or 5.5 per cent, to $68.74 on 10.6 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Up 46 cents, or 5.3 per cent, to $9.22 on 8.4 million shares.
Companies in the news:
Bank of Montreal (TSX:BMO). Up $1.48 or 1.2 per cent to $124.64. Canadian banks looking to expand in the U.S. through acquisitions are facing increased scrutiny from regulators and politicians along with renewed attention on past disputes. Both TD Bank and BMO are working to close big deals there, TD with a US$13.4-billion deal for southeastern U.S.-focused First Horizon and BMO with a US$16.3-billion deal for California-based Bank of the West. The Canadian banking industry’s general push south for growth comes after U.S. President Joe Biden issued a broad executive order last year calling for increased economic competition, including through the “revitalization” of merger oversight in the banking industry. BMO and TD Bank each face public meetings on their proposed deals, a step that’s not required by regulators but that the U.S. Office of the Comptroller of the Currency announced in May will apply to these deals. It also extended the public comment period for both deals. The public hearings came after a speech by OCC acting head Michael Hsu saying "the time is ripe to rethink the frameworks used to analyze bank merger applications."
Dye & Durham Corp. (TSX:DND). Down 44 cents or 1.9 per cent to $22.23. Link Administration Holdings Ltd. says Dye & Durham Corp. has proposed to cut its takeover offer for the company. The Australian company says Dye & Durham wants to reduce its offer to A$4.30 per share compared with an earlier offer of A$5.50 per share. Link Group says its board will consider the request and consult with its financial, legal and tax advisers. Dye & Durham announced its deal to buy Link Group in December last year for C$3.2 billion. The Toronto-based company said at the time the acquisition would expand its customer base in key U.K. and Australian markets and strengthen its business-to-business software and information service solutions. The Australian Competition and Consumer Commission said earlier this month that it had significant preliminary competition concerns with the deal.
This report by The Canadian Press was first published June 27, 2022.
The Canadian Press