TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,653.02, down 64.14 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Down six cents, or 3.26 per cent, to $1.78 on 23.7 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down 18 cents, or 0.7 per cent, to $25.63 on 16.2 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up four cents, or 0.08 per cent, to $50.70 on 13.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up seven cents, or 0.22 per cent, to $32.23 on 8.7 million shares.
Goodfood Markets Corp. (TSX:FOOD). Consumer discretionary. Down $1.90, or 26.39 per cent, to $5.30 on 7.4 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down four cents, or 0.97 per cent, to $4.09 on seven million shares.
Companies in the news:
Rogers Communications Inc. (TSX:RCI.B). Down 66 cents or 1.1 per cent to $59.79. The departure of Rogers Communications Inc. CEO Joe Natale raises further questions about the company's direction as it looks to put a boardroom power struggle behind it and focus on the acquisition of rival Shaw Communications, experts say. In a statement late Tuesday, the telecommunications giant said Natale was out as CEO, and replaced in the interim by former chief financial officer Tony Staffieri as the board searches for a permanent chief executive to guide its $26-billion takeover of Shaw. Staffieri is a candidate for the post, Rogers said. Tyler Chamberlin, assistant professor at the University of Ottawa's Telfer School of Management, says the family feud over chairman Edward Rogers' attempt to replace Natale with Staffieri may be settled, but uncertainty at the top could have trickle-down effects at the company.Edward's mother Loretta Rogers and sisters Martha Rogers and Melinda Rogers-Hixon had fought the move. Edward's initial attempt to oust Natale in favour of his No. 2 led instead to Staffieri's departure in September, as well as a board vote to push Edward from his seat at the head of the table. On Nov. 5, a British Columbia Supreme Court judge ruled Edward's declaration legitimate.
Metro Inc. (TSX:MRU). Down $1.60 or 2.4 per cent to $64.62. As food manufacturers grapple with rising costs and supply chain issues, two of Canada's biggest grocers are signalling the potential for higher prices and the spotty availability of some products in the coming months. Loblaw Companies Ltd. and Metro Inc. released their latest financial results on Wednesday, offering a glimpse at the inflationary pressures and labour challenges hitting the grocery industry. The situation is expected to lead to higher food prices and brief shortages of some specialty products on store shelves, suggesting the pandemic could have a lasting impact on the food industry. Loblaw president and chairman Galen G. Weston said manufacturers are consolidating production into the highest volume products and putting secondary sizes and flavours on allocation, managing limited supplies by limiting retailers to finite amounts of some products. Metro CEO Eric La Flèche told financial analysts that some products "continue to be hard to get supplied and to get the quantities that we would like." It's not just grocery store shelves that are expected to be affected by the pandemic's ongoing impact. The soaring costs of labour, shipping and commodities are driving up costs for food manufacturers, and many consumer packaged goods companies are seeking price increases.
High Liner Foods Inc. (TSX:HLF). Up 81 cents or 6.2 per cent to $13.94. High Liner Foods Inc. raised its dividend as it reported its third-quarter profit more than doubled compared with a year ago. The frozen seafood company says it will pay a quarterly dividend of 10 cents per share, up from seven cents which it paid in the third quarter. High Liner, which reported its results in U.S. dollars, says it earned US$9.2 million or 26 cents per share for the quarter ended Oct. 2, up from a profit of US$3.8 million or 11 cents per share in the same quarter last year. Sales totalled US$214.3 million, up from US$194.6 million a year earlier. On an adjusted basis, High Liner says it earned 32 cents per diluted share for its most recent quarter, up from an adjusted profit of 18 cents per diluted share a year ago. Analysts on average had expected an adjusted profit of 23 cents per share and US$206.5 million in revenue, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Nov. 17, 2021.
The Canadian Press
