TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,483.16, down 18.27 points.)
Encana Corp. (TSX:ECA). Energy. Down 37 cents, or 6.69 per cent, to $5.16 on 16.3 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up seven cents, or 4.4 per cent, to $1.66 on 14.7 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 38 cents, or 7.32 per cent, to $4.81 on 6.7 million shares.
Vermilion Energy Inc. (TSX:VET). Energy. Down $1.93, or 9.98 per cent, to $17.40 on 5.1 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 55 cents, or 1.38 per cent, to $39.16 on 4.6 million shares.
First Quantum Minerals Ltd. (TSX:FM). Materials. Down 57 cents, or 4.87 per cent, to $11.13 on 4.6 million shares.
Companies in the news:
Bombardier Inc. — Bombardier Inc. has signed a US$1.2-billion deal to sell its aerostructures business as the plane-and-train maker continues its shift toward business jets and railcars. Spirit AeroSystems Holdings Inc. has signed a definitive agreement with the Montreal-based company to buy its factories in Belfast, U.K., and Casablanca, Morocco, as well as its maintenance plant in Dallas. Under the agreement, Spirit will pay US$500 million in cash and assume liabilities of more than US$700 million. Bombardier lost US$91 million on $3.72 billion in revenue in its third quarter. That compared with a profit of $149 million on $3.64 billion in revenue a year ago.
Resolute Forest Products Inc. (TSX:RFP). Down $1.27 or 21.2 per cent to $4.72. Shares of Resolute Forest Products Inc. dropped to an all-time low Thursday after the pulp, paper and lumber producer missed expectations as it swung to a third-quarter loss. Resolute says its net loss attributable to shareholders was US$43 million or 47 cents per diluted share for the period ended Sept. 30, compared with a profit of US$117 million or $1.25 per share a year earlier. The adjusted net loss was US$34 million or 37 cents per share. That compared with an adjusted profit of $96 million or $1.03 per share in the prior year. Sales fell 27.6 per cent to $705 million from $974 million in the third quarter of 2018.
BCE Inc. (TSX:BCE). Down 26 cents to $62.48. Bell’s wireless division had record third-quarter subscriber additions and it’s in a good competitive position amid major industry changes such as new unlimited data plans and device financing options, BCE Inc. executives said Thursday. BCE chief executive George Cope, who is set to retire in January, opened his last quarterly analyst call with a long list of favourable metrics in the Bell wireless division, including improved revenue per user and margins. The telecommunications and media company also signalled that it’s on track to meet its key 2019 full-year financial targets, a contrast to the reduced outlook announced last week by Rogers Communications Inc.
Encana Corp. — Encana Corp., one of Canada’s oldest and largest energy companies, is moving its corporate headquarters from Calgary to the United States to bolster its access to deep-pocketed investors. The company, which is also changing its name to Ovintiv Inc., says having a U.S. address will expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts. The change came as Encana announced a third-quarter profit of $149 million or 11 cents per share, up from a profit of $39 million or four cents per share a year ago.
SNC-Lavalin Group Inc. (TSX:SNC). Up $4.06 or 20.6 per cent to $23.81. The head of SNC-Lavalin Group Inc. says he is not expecting a plea deal on criminal charges against the engineering firm in the wake of the Liberal election victory. Ian Edwards says the company is focused on defending itself through the court process. The partial sale of SNC’s stake in the Ontario Highway 407 toll road drove a massive year-over-year profit increase in the third quarter. About $2.6 billion of the firm’s $2.76 billion in net income last quarter — up from $120.7 million a year earlier — came from the after-tax gains of the 407 sale. On an adjusted basis, which excluded the 407 sale, SNC said it earned $218.0 million or $1.24 per share in its third quarter, up from an adjusted profit of $168.4 million or 96 cents per share a year ago.
This report by The Canadian Press was first published Oct. 31, 2019.
The Canadian Press