TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,231.32, up 73.67 points.)
Canadian Natural Resources (TSX:CNQ). Energy. Up 67 cents, or 1.47 per cent, to $46.20 on 22.6 million shares.
BCE Inc. (TSX:BCE). Telecommunications. Up 58 cents, or 0.95 per cent, to $61.35 on 11 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 51 cents, or 4.19 per cent, to $12.68 on 10.3 million shares.
BlackBerry Ltd. (TSX:BB). Technology. Down four cents, or 0.23 per cent, to $17.03 on 6.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 64 cents, or 2.09 per cent, to $31.27 on 5.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 12 cents, or 0.49 per cent, to $24.71 on five million shares.
Companies in the news:
Air Canada (TSX:AC). Down nine cents to $28.25. Air Canada is vowing to fight a U.S. Department of Transportation move to seek a US$25.5-million penalty for "failing to provide consumers prompt refunds" after cancelling their flights amid the COVID-19 pandemic. In a "notice of enforcement proceeding" issued by the department Tuesday, the aviation consumer protection agency said Air Canada "unlawfully failed to provide timely refunds" for flights between the United States and Canada that were cancelled or significantly changed. The agency said it received more than 6,000 refund complaints since March 1, 2020, and has notified Air Canada multiple times over the past year of its view that the airline's stance "lacks merit." Air Canada claims that the department's refund rules are guidelines rather than regulations. Spokesman Peter Fitzpatrick said the airline has refunded more than $1.2 billion to eligible customers with refundable fares whose travel was impacted by COVID-19. Air Canada refused to refund non-refundable tickets until it received a financial package in April from the Canadian government worth up to $5.9 billion, including up to about $1.4 billion in an unsecured credit facility to refund these tickets.
BRP Inc. (TSX:DOO). Up $3.67 or 3.9 per cent to $97.56. BRP Inc. says it will spend up to $350 million to buy back its shares. The maker of Ski-Doos and Sea-Doos says it plans a "modified Dutch auction" that allows shareholders to tender their shares at a price not less than $94 and not more than $113 per share. The purchase price to be paid by BRP will be determined when the offer expires and will be based on the number of shares tendered and at what price. BRP's subordinate voting shares closed at $93.89 on the Toronto Stock Exchange on Monday before the buyback was announced. BRP says the Beaudier Group, which includes the Beaudoin family holding company and collectively holds 27.7 per cent of BRP's outstanding shares and multiple voting shares, has said it will make tenders in connection with the offer to maintain its proportionate stake in the company. By buying back its shares, a company spreads profits over fewer shares. That increases its earnings per share, a key ratio used to determine a company's financial health.
Aritzia Inc. (TSX:ATZ). Up 49 cents or 1.5 per cent to $33.89. Clothing designer and retailer Aritzia Inc. says it has signed an agreement to buy a Reigning Champ, a designer and manufacturer of premium athletic wear. Under the agreement, Aritzia will acquire a 75 per cent stake in the company based on an enterprise value of approximately $63 million. The remaining 25 per cent interest held by Reigning Champ's management shareholders will be converted into Aritzia shares in up to three instalments from 2024 to 2026. Aritzia chief executive Brian Hill says the deal accelerates the company's expansion into men's clothing. Reigning Champ's senior leadership team will continue operating the business in partnership with Aritzia through a transition period of approximately five years.
This report by The Canadian Press was first published June 15, 2021.
The Canadian Press