TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,762.03, up 297.43 points.)
Manulife Financial Corp. (TSX:MFC). Financials. Up 33 cents, or 1.43 per cent, to $23.40 on 20.9 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 53 cents, or 1.04 per cent, to $51.72 on 14.7 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 39 cents, or 1.28 per cent, to $30.93 on 13.6 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up 13 cents, or 8.39 per cent, to $1.68 on 10.2 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Down six cents, or 1.69 per cent, to $3.50 on nine million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 35 cents, or 2.31 per cent, to $15.49 on 7.6 million shares.
Companies in the news:
TD Bank Group (TSX:TD). Up $4.52 or 4.9 per cent to $96.50. TD Bank Group shares climbed almost five per cent Thursday afternoon after the bank reported fourth-quarter earnings that surprised to the upside and it raised its dividend by 13 per cent. TD reported a rise in earnings in part from its U.S. division where it saw higher margins on loans, while Canadian retail banking also inched up amid increasing client activity and credit card spending. The bank said Thursday it will now pay a quarterly dividend of 89 cents per share, up from 79 cents per share. TD also says it plans to buy back up to 50 million of its shares. TD reported a net income of $3.8 billion in the fourth quarter, down 26 per cent compared with last year when its earnings were bumped up by the sale of its investment in TD Ameritrade. Adjusted earnings were $3.9 billion, up 30 per cent from last year. On an adjusted basis, TD says it earned $2.09 per diluted share, up from an adjusted profit of $1.60 per diluted share in the same quarter last year. Analysts on average had expected an adjusted profit of $1.96 per share, according to financial markets data firm Refinitiv. Scotiabank analyst Meny Grauman said in a note that the estimate beat was notable because other Canadian banks so far have missed.
CIBC (TSX:CM). Down $3.98 or 2.8 per cent to $137.28. CIBC has been investing in growth opportunities like its corporate rebrand and buying the Costco credit card portfolio, and both the costs and payoffs are starting to show up on its balance sheet. The bank reported Thursday that revenue was up 10 per cent in the fourth quarter from a year ago to $5.06 billion thanks to volume growth in lending, growth in transaction fees, and adding clients in its capital markets division. Costs, however, have also been rising, up seven per cent from the previous quarter and eight per cent from a year ago, mostly related to higher employee compensation but also from strategic initiatives. CIBC chief executive Victor Dodig emphasized on a conference call that the bank was investing for future growth across the organization, from its new headquarters in Toronto down to bank branches and new technologies. The bank reported a fourth-quarter profit of $1.4 billion, or $3.07 per diluted share for the quarter ended Oct. 31, up from a profit of $1 billion or $2.20 per diluted share in the same quarter last year. On an adjusted basis, CIBC says it earned $3.37 per diluted share, up from an adjusted profit of $2.79 per diluted share in the same quarter last year. Analysts on average had expected the bank to report an adjusted profit of $3.53 per share, according to financial markets data firm Refinitiv.
This report by The Canadian Press was first published Dec. 2, 2021.
The Canadian Press