TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,356.95, up 181.86 points.)
Royal Bank of Canada. (TSX:RY). Financials. Up 63 cents, or 0.54 per cent, to $117.74 on 9.5 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Up 1.5 cents, or 13.64 per cent, to 12.5 cents on 8.3 million shares.
Tetra Bio-Pharma Inc. (TSX:TBP). Health care. Up two cents, or 5.48 per cent, to 38.5 cents on 6.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 26 cents, or 0.56 per cent, to $46.99 on 6.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 42 cents, or 4.52 per cent, to $9.71 on 5.9 million shares.
Roxgold Inc. (TSX:ROXG). Materials. Up two cents, or 0.95 per cent, to $2.12 on 5.9 million shares.
Companies in the news:
Shopify Inc. (TSX:SHOP). Up $159.02, or 11.1 per cent, to $1,589.47. Shopify Inc. executives believe the shift toward online sales triggered by the COVID-19 pandemic is here to stay. Chief executive Tobi Lutke and president Harley Finkelstein said Wednesday that early patterns emerging in lockdown-free countries like New Zealand and Australia show consumers have embraced e-commerce even after COVID-19 restrictions are lifted — and they expect North America to eventually see the same. Shopify, which keeps its books in U.S. dollars, said net income soared to US$1.26 billion in the quarter, up from the US$31.4-million net loss it reported for the same period last year. Shopify attributed the boost to a US$1.3-billion unrealized gain on its investment in "buy now, pay later" company Affirm, which had an initial public offering in January, and to the continued interest in online shopping. Revenue reached US$988.6 million, a 110 per cent increase from US$470 million at the same time last year.
Inter Pipeline Ltd. (TSX:IPL). Down 20 cents, or 1.1 per cent, to $17.89. In the latest shot fired in the battle for Inter Pipeline Ltd., Brookfield Infrastructure Partners LP charges it hasn't been granted access to its target's data room despite its takeover offer made Feb. 10 and "clear desire" to participate in the company's strategic review process. Brookfield said Wednesday it wasn't invited to take part in Inter's strategic process launched Feb. 18 and, when it made inquiries, was told by Inter’s financial advisers that access to the data room would require "unreasonable conditions," including restrictions on its ability to increase its takeover offer. In a brief email, Inter spokeswoman Breanne Oliver said Wednesday the special committee of independent directors of the board is reviewing Brookfield's news release and will be issuing a formal response. When Brookfield made its takeover offer of $16.50 per share in cash or 0.206 of a Brookfield Infrastructure Corp. class-A exchangeable share (a deal that values Inter at $7.1 billion), it said it would consider increasing the bid if Inter can "substantiate'' growth and commercialization plans for the $4-billion Heartland Petrochemical Complex it's building northeast of Edmonton.
Teck Resources Ltd. (TSX:TECK.B). Down 27 cents to $27.55. Copper prices that have surged to 10-year highs in recent days are driving potential partners to eagerly line up to help Teck Resources Ltd. fund its portfolio of eight proposed copper mining projects, CEO Don Lindsay said Wednesday. After reporting strong first-quarter earnings and revenue boosted by higher copper prices, as well as better prices for zinc and oilsands bitumen, Lindsay told a conference call with financial analysts that the long-term outlook for copper looks bright. Forecasts that call for world copper demand growth of three to 3.5 per cent per year are credible, Lindsay said, in view of its use in renewable energy as pressure rises for global decarbonization. He said the phone lines at Teck have been lit up by unsolicited offers from potential partners amid an expected copper supply shortage later this decade. He said new copper mine projects will generally require a commodity price of at least $3.50 per pound. On Tuesday, the May copper contract settled at about US$4.49 a pound, the most since 2011 and up about 91 per cent from a year ago.
CGI Inc. (TSX:GIB.A). Up $1.64, or 1.6 per cent, to $107. Information technology firm CGI Inc. reported an increase in its second-quarter profit from a year ago, saying the rise was on the back of a steady growth in bookings as clients strengthened digitization efforts during the pandemic. The rise in profits came as CGI reported a revenue this quarter totalling nearly $3.08 billion, down from $3.13 billion a year ago. CGI earned $341.2 million or $1.34 per diluted share for the quarter ended March 31, compared with a profit of $314.8 million or $1.18 per diluted share in the same quarter last year. Excluding acquisition-related integration and restructuring costs, CGI says its adjusted profit was $1.35 per diluted share, up from $1.26 per diluted share in the same quarter last year. Chief executive officer George Schindler said the COVID-19 pandemic has made improving online experiences a priority for companies, leading to robust demand for CGI’s services. Schindler said the company’s aspirations remain to double its size in the next five to seven years, and said the type of demand around IT modernization caused by the pandemic fits in CGI’s operating sweet spot.
This report by The Canadian Press was first published April 28, 2021.
The Canadian Press
