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Most actively traded companies on the Toronto Stock Exchange

·4 min read

TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:

Toronto Stock Exchange (19,040.78, down 163.64 points.)

Whitecap Resources Inc. (TSX:WCP). Energy. Down 37 cents, or 6.53 per cent, to $5.30 on seven million shares.

Air Canada (TSX:AC). Industrials. Down 89 cents, or 3.69 per cent, to $23.26 on 6.3 million shares.

Suncor Energy Inc. (TSX:SU). Energy. Down 95 cents, or 3.63 per cent, to $25.22 on 6.3 million shares.

Cenovus Energy Inc. (TSX:CVE). Energy. Down 63 cents, or 6.4 per cent, to $9.22 on 6.2 million shares.

Manulife Financial Corp. (TSX:MFC). Financials. Down 59 cents, or 2.18 per cent, to $26.48 on 5.6 million shares.

Enbridge Inc. (TSX:ENB). Energy. Down 42 cents, or 0.9 per cent, to $46.40 on 5.4 million shares.

Companies in the news:

Canadian National Railway Co. (TSX:CNR). Down $9.31, or 6.3 per cent, to $138.85. The CEO of Canadian National Railway Co. says his company's bid for Kansas City Southern will create a combined "safer, faster, cleaner and stronger railway" than the one proposed by rival Canadian Pacific Railway Ltd. On Tuesday, the Montreal-based railway announced a cash-and-stock bid valued at US$33.7 billion for Kansas City-based KCS, topping one made last month by Calgary-based CP Rail valued at US$25 billion. In a news release late Tuesday afternoon, CP said CN's bid is "massively complex and likely to fail" because it would create the third-largest Class 1 railroad in North America, thus throwing off the rail industry's competitive balance and falling short with regulators. Analyst Cameron Doerksen of National Bank Financial predicted there could be a bidding war. CN plans to assume US$3.8 billion of KCS debt under its plan.

Rogers Communications Inc. (TSX:RCI.B). Down 14 cents to $61.54. Rogers Communications Inc. is offering wireless customers a credit following a massive nationwide outage, but questions linger over the company's planned takeover of Shaw Communications Inc. The company said in an email on Tuesday that a credit equivalent to Monday's wireless service fee would be applied to a future bill automatically, with no action required by customers. Rogers chief technology officer Jorge Fernandes said in a statement the root cause of the outage was a recent software update by the company's network partner Ericsson. The nearly daylong wireless interruption had deep economic implications, experts said. The issue impacted business sales and services such as food delivery and curbside pickup, as well as the ability for some Rogers customers to book or check in for medical appointments. Many users expressed frustration with the outage that left them without service, noting that they rely on the wireless service to work from home under ongoing COVID-19 restrictions.

SNC-Lavalin Inc. (TSX:SNC). Up eight cents to $27.30. SNC-Lavalin says the World Bank has given the Quebec engineering firm an early reprieve from its list of banned companies over corruption tied to contracts in Bangladesh and Cambodia. In a press release on Tuesday, the Montreal-based company says the international financial institution had agreed to lift sanctions imposed on it and scores of affiliates that were initially to be spread over a decade. The move means SNC-Lavalin will be able to resume bidding and carry on work funded by the World Bank and several regional banks that are expected to deploy US$160 billion by the end of June in developing countries. It is also expected to have a positive impact on the reputation of the company, which has taken a series of steps in an attempt to turn the page on its image, which has been marred by corruption scandals. When it cracked down on SNC-Lavalin in 2013, the World Bank stressed that the 10-year delisting was the “longest exclusion period ever.” The blacklisting was reduced to eight years since the firm met the international institution's compliance requirements. SNC-Lavalin CEO Ian Edwards says the company had "done its homework" since 2012.

This report by The Canadian Press was first published April 20, 2021.

The Canadian Press