TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,098.29, up 356.54 points.)
Enbridge Inc. (TSX:ENB). Energy. Up 74 cents, or 1.4 per cent, to $53.74 on 12.1 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 17 cents, or 0.5 per cent, to $36.32 on 7.4 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 32 cents, or 1.2 per cent, to $26.47 on 6.9 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 14 cents, or 3.1 per cent, to $4.72 on 6.2 million shares.
Tamarack Valley Energy Ltd. (TSX:TVE). Energy. Up 20 cents, or 4.2 per cent, to $4.93 on 6 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up eight cents, or 0.4 per cent, to $18.49 on 5.5 million shares.
Companies in the news:
Cascades Inc. (TSX:CAS). Down 72 cents or 5.4 per cent to $12.72. The highly transmissible Omicron variant has prompted companies in the manufacturing and resource sectors to downgrade their earnings forecasts amid ongoing uncertainty linked to the COVID-19 pandemic. Cascades Inc., the Quebec-based packaging and tissue company, said Monday it expects fourth-quarter results to fall below its already revised outlook after Omicron-related labour shortages and supply chain issues worsened in the latter half of December. The cut at Cascades followed an announcement last week from Teck Resources Ltd. that its fourth-quarter steelmaking coal sales would fall below its already lowered guidance from Dec. 5 following severe flooding in B.C. that washed out key rail and road infrastructure. The Vancouver-based company warned that COVID-19 was also leading to higher costs and could disrupt production. Sick leave along with labour shortages, throttled supply chains and inflation all make for angst-inducing variables over the first half of 2022. Swaths of the technology and transport sectors may have cause for concern as well.
Shopify Inc. (TSX:SHOP). Up $112.97 or 10.1 per cent to $1,226.95. Cryptocurrency exchange Coinbase Global Inc. says Shopify CEO Tobi Lütke will join its board of directors. Coinbase founder Brian Armstrong said in a release that Lütke brings experience as an entrepreneur, and as an early adopter of crypto including through Shopify's integration with Coinbase's crypto payment platform. He says Lütke will help as Coinbase looks to expand crypto to more people and businesses globally. Lütke said in a statement that Coinbase and Shopify share the like-minded vision of decentralized finance and entrepreneurship. In 2020, Shopify also joined the Facebook-backed Diem (then called Libra) Association that was working on a global digital currency, though media reports last week said that the association was selling its assets. Coinbase says the appointment is still subject to formal board approval.
Hexo Corp. (TSX:HEXO). Up seven cents or 10.8 per cent to 72 cents. Hexo Corp. says the Nasdaq Stock Market LLC has informed the cannabis company that it is not in compliance with minimum bid price requirements. Gatineau, Que.-based Hexo became non-compliant with the requirement when its closing bid price for common shares listed on the Nasdaq dropped below US$1 for 30 consecutive trading days. The company's shares closed Friday at 50 cents US a share on the Nasdaq, down from a peak of about US$31 a share in April 2019. Hexo says the Nasdaq notification has no immediate effect on its listing, but gives the company until July 25 to have its shares close at or above US$1 per share for a minimum of 10 straight business days to become compliant again. If the shares don't close at or above US$1 by that date, the company may be eligible to receive another 180-day window to work toward compliance, but may also be subject to a delisting. Hexo, which also has a Toronto Stock Exchange listing, parted ways with co-founder Sebastien St-Louis last year and quickly embarked on a new strategic plan to reduce expenses by about 30 per cent by the end of fiscal 2023.
This report by The Canadian Press was first published Jan. 31, 2022.
The Canadian Press
