TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,162.65, up 301.55 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 60 cents, or 1.9 per cent, to $31.70 on 15.6 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up $1.25, or 2.3 per cent, to $54.98 on 10 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 59 cents, or 9.6 per cent, to $6.73 on 9.9 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 33 cents, or 1.4 per cent, to $23.85 on 9.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 14 cents, or 3.7 per cent, to $3.95 on 7.6 million shares.
Rogers Communications Inc. (TSX:RCI.B). Telecommunications. Down six cents, or 0.1 per cent, to $58.82 on 7.4 million shares.
Companies in the news:
CIBC (TSX:CM). Up 71 cents to $142.03. CIBC has agreed to pay $125 million to settle a class-action lawsuit that had accused the bank of misrepresenting its exposure to U.S. residential mortgage-backed securities ahead of the financial crisis. Investors launched the suit in 2008 alleging that the bank not only misled the market on the size of its exposure to the U.S. subprime market, but also to the volatility of the related investments. CIBC spokeswoman Nima Ranawana said in a statement that the bank reached a settlement without any admission of liability or wrongdoing, and that the plaintiffs' claims remain unproven. The bank lost an appeal at the Supreme Court of Canada in 2015, clearing the way for the case to go forward, but the settlement was reached before the case made it trial. The lawsuit sought to recover close to $4 billion in damages as part of its allegation that the bank did not properly disclose $11.5 billion in exposure to the subprime market. Plaintiff lawyer Joel Rochon said that while there's compromise on both sides following intense negotiations, he was pleased with the result that brings meaningful restitution for class members and is one of the largest settlements of its type in Canada.
Enbridge Inc. (TSX:ENB). Up 66 cents or 1.4 per cent to $48.96. Enbridge Inc. has raised its quarterly dividend as it announced the approval of $1.1 billion in new capital projects. The Calgary-based pipeline company said in its investor day Tuesday it will now pay a quarterly dividend of 86 cents per share, up from 83.5 cents. It also reaffirmed its 2021 full-year guidance range for adjusted earnings of $13.9 billion to $14.3 billion. In a news release, chief executive Al Monaco said recent global energy shortages have confirmed the essential role Enbridge's assets will play in years to come. He said the company's three-year growth plan will focus on enhancing existing asset returns, modernizing the company's assets, and low capital intensity opportunities within Enbridge's conventional businesses. Monaco said Enbridge has sanctioned $1.1 billion of new growth projects, along with the $1 billion announced earlier this year. Newly announced capital projects include $500-million expansion of its Valley Crossing Pipeline in Texas. It will also spend $300 million on an expansion of its Dawn to Parkway system in Ontario. The company will also invest $100 million in a floating offshore wind project off the southern coast of France.
Onex Corp. (TSX:ONEX). Up $1.58 or 1.7 per cent to $96.98. Onex Corp. says its Onex Partners V fund has signed a deal to buy education software company Tes Global from Providence Equity Partners LLC. Financial terms of the deal were not disclosed. Toronto-based Onex Corp. says Tes has over 13 million teachers on its online platform and serves over 17,000 schools in 117 countries. Onex senior managing director Nigel Wright says Tes has a well-established brand and deep-rooted relationships with teachers, creating a differentiated place in the market. The deal is expected to close in the first quarter of next year. Onex says with the deal that Onex Partners V will be about 78 per cent invested.
This report by The Canadian Press was first published Dec. 7, 2021.
The Canadian Press