TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,279.36, up 49.13 points.)
Air Canada (TSX:AC). Industrials. Up $1.10, or 7.02 per cent, to $16.77 on 7.8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 96 cents, or 6.35 per cent, to $16.07 on 6.9 million shares.
Bank of Nova Scotia. (TSX:BNS). Financials. Up 76 cents, or 1.37 per cent, to $56.39 on 6.4 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 32 cents, or 1.72 per cent, to $18.89 on 6.4 million shares.
Nevada Copper Corp. (TSX:NCU). Materials. Unchanged at nine cents on 6.1 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 55 cents, or 1.45 per cent, to $38.58 on 5.2 million shares.
Companies in the news:
Corus Entertainment (TSX:CJR.B). Up 24 cents or 7.6 per cent to $3.38. Corus Entertainment continued to suffer from the economic effects of COVID-19 during June, July and August but the pandemic had an uneven impact on different parts of its business during the quarter, its chief executive said Thursday. The media company earned $30.3 million or 15 cents per diluted share for the fiscal fourth quarter ended Aug. 31, including $4 million of integration and restructuring costs. That compared with a profit of $22.9 million or 11 cents per diluted share a year ago, when the quarter included slightly higher integration and restructuring costs and a $16.7 million writedown of the value of some TV brands. Corus Entertainment revenue totalled $318.4 million, down from $377.5 million, as the disruptions caused by the COVID-19 pandemic depressed advertising revenue — especially in radio.
Rogers Communications Inc. (TSX:RCI.B). Up $6.05 or 11.6 per cent to $58.40. Rogers Communications Inc.'s third-quarter profit and revenue fell compared with a year ago due to the COVID-19 pandemic, but the company beat analyst estimates after rebounding from the second quarter. The wireless, cable and media company said Thursday it earned $512 million or $1.01 per diluted share for the quarter ended Sept. 30. That was down from a profit of $593 million or $1.14 per diluted share in the third quarter of 2019 but up from the second quarter, when the pandemic's first wave gripped the country. On an adjusted basis, Rogers says it earned $1.08 per diluted share for the quarter, down from an adjusted profit of $1.19 per diluted share a year ago. Analysts on average had expected an adjusted profit of 78 cents per share and revenue of $3.34 billion, according to financial data firm Refinitiv. Revenue from across the Rogers business totalled nearly $3.67 billion, up from the second quarter but down from $3.75 billion in the same quarter last year.
Sun Life Financial Inc. (TSX:SLF). Up 63 cents or 1.1 per cent to $55.30. Sun Life Financial Inc. has signed a deal to acquire a majority stake in Crescent Capital Group LP in an agreement worth up to $450 million. Under the deal, Sun Life will acquire a 51 per cent stake in the alternative credit investment manager for an upfront payment of $370 million and up to an additional $80 million, based on the achievement of certain milestones. Sun Life also says it has committed to co-invest up to approximately $1 billion in Crescent's investment strategies. Crescent is focused on mezzanine debt, middle market direct lending in the U.S. and Europe, high-yield bonds and broadly syndicated loans. The firm, which is based in Los Angeles, had approximately $38 billion in assets under management as of June 30.
Precision Drilling Corp. (TSX:PD). Up eight cents or 8.6 per cent to $1.01. Precision Drilling Corp. says it lost $28.5 million in its latest quarter as revenue fell 56 per cent compared with a year ago. The Calgary-based oilfield services company says the loss amounted to 10 cents per diluted share for the quarter ended Sept. 30. The result compared with a loss of $3.5 million or a penny per diluted share in the same quarter a year ago. Revenue for its third quarter totalled $164.8 million, down from $375.6 million in the same quarter last year. Precision says the drop in revenue came as customers cut drilling programs in response to the global economic slowdown. The company had an average of 45 active drilling rigs in the third quarter, down from 47 in the second quarter and 123 in the third quarter of 2019.
This report by The Canadian Press was first published Oct. 22, 2020.
The Canadian Press
