| Previous Close | 22.01 |
| Open | 22.29 |
| Bid | 22.15 x 2900 |
| Ask | 22.21 x 3100 |
| Day's Range | 21.93 - 22.38 |
| 52 Week Range | 18.64 - 31.22 |
| Volume | 13,395,792 |
| Avg. Volume | 18,458,113 |
| Market Cap | 39.611B |
| Beta (5Y Monthly) | 0.10 |
| PE Ratio (TTM) | 17.02 |
| EPS (TTM) | 1.31 |
| Earnings Date | May 05, 2021 |
| Forward Dividend & Yield | 0.36 (1.64%) |
| Ex-Dividend Date | Feb. 26, 2021 |
| 1y Target Est | 29.60 |
- The Canadian Press
Most actively traded companies on the Toronto Stock Exchange
TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange: Toronto Stock Exchange (19,310.74, up 122.71 points.) Enbridge Inc. (TSX:ENB). Energy. Up $1.02, or 2.13 per cent, to $49.00 on 23.8 million shares. Suncor Energy Inc. (TSX:SU). Energy. Up 98 cents, or 3.64 per cent, to $27.92 on 14 million shares. Manulife Financial Corp. (TSX:MFC). Financials. Up 40 cents, or 1.49 per cent, to $27.19 on 9.9 million shares. Athabasca Oil Corp. (TSX:ATH). Energy. Up two cents, or 2.74 per cent, to 75 cents on 9.1 million shares. Zenabis Global Inc. (TSX:ZENA). Health care. Up 1.5 cents, or 12.5 per cent, to 13.5 cents on nine million shares. Tetra Bio-Pharma Inc. (TSX:TBP). Health care. Down 5.5 cents, or 11.58 per cent, to 42 cents on 8.2 million shares. Companies in the news: Enbridge Inc. — The CEO of Enbridge Inc. says the company's Line 3 and Line 5 pipelines in the United States are "absolutely critical" as each faces ongoing hurdles thrown up by environmental, political and other opponents. During the Calgary-based energy infrastructure company's annual general meeting on Wednesday, Al Monaco said Enbridge must continue to fight for those pipelines for its benefit as well as the benefit of the shippers who move products on them and the consumers who need those products. Enbridge's Line 5 is facing a looming May 12 shutdown ordered by Michigan Gov. Gretchen Whitmer last fall after accusing the company of violating terms of a 1953 deal that allowed the line to traverse the bottom of the Straits of Mackinac, which connects Lake Michigan and Lake Huron. The 68-year-old conduit has never leaked and Enbridge has said it will ignore the order because the state doesn't have the authority to shut down the pipeline. Meanwhile, the $9.3-billion Line 3 pipeline replacement project is under construction with a completion target of late this year, despite ongoing protests and court challenges. Barrick Gold Corp. (TSX:ABX). Up 24 cents to $27.30. The CEO of Barrick Gold Corp. says copper stands to grow in importance for the world's second-biggest gold miner after 10-year-high prices for copper bolstered its first-quarter earnings. Barrick plans to continue its copper-directed exploration efforts while banking increasing revenue from existing mines as prices rise to more than US$4.50 per pound, Mark Bristow said on a conference call to discuss Barrick's results from the first three months of the year. Toronto-based Barrick on Wednesday reported a first-quarter profit of US$538 million, up from US$400 million a year ago, as revenue rose to nearly US$2.96 billion from US$2.72 billion. Copper revenues increased 31 per cent compared with the fourth quarter of 2020 as Barrick's realized price rose to US$4.12 per pound from US$3.39 in the previous quarter and US$2.23 in the year-earlier period. The increase came as copper production slipped to 93 million pounds from 119 million in the fourth quarter and 115 million in the first quarter of 2020, although copper sales were higher at 113 million pounds in the most recent quarter, up from 110 million pound a year ago. Loblaw Companies Ltd.' (TSX:L). Up $1.18, or 1.7 per cent, to $69.40. Loblaw Companies Ltd.'s yearlong pandemic winning streak marked by surging sales and profits appears poised to level off as the supermarket giant starts comparing results against the panic-buying gains recorded at the outset of the pandemic. Yet ongoing restaurant closures due to lockdown measures continued to benefit Canada's biggest grocery and drugstore retailer during its most recent quarter as people cooked more meals at home. Loblaw said Wednesday its profits were up 30 per cent to $313 million in the first quarter of 2021 compared with a year ago. Revenues for the three months ended March 27 totalled $11.87 billion, up from $11.8 billion. The company's strong results were buoyed by an improvement in its financial services business, as well as better-than-expected gross margins in food and drug sales. However, Loblaw signalled that as the economy begins to reopen, revenue growth will be challenging going forward. Chorus Aviation Inc. (TSX:CHR). Up three cents to $4.32. Chorus Aviation Inc. has signed a three-year contract with Purolator Inc. for air cargo charter services. The agreement follows the completion of an initial six-month trial. Purolator says the deal complements its existing network and will mean more service options for cross-border shipments. Chorus is best known for its Jazz Aviation subsidiary, which provides regional air service for Air Canada, but chief executive Joe Randell says air cargo is a growing area of focus. Under the agreement, Chorus subsidiary Voyageur Aviation Corp. will replace two Dash 8-100 Simplified Package Freighters used for the trial service with two Dash 8-100 Package Freighters. Voyageur designed and developed the Dash 8-100 PF, which can carry a typical payload of 4,500 kilograms and 39 cubic metres. This report by The Canadian Press was first published May 5, 2021. The Canadian Press
- The Canadian Press
Barrick Gold expects growing exposure to copper as price escalation boosts Q1 profits
TORONTO — The CEO of Barrick Gold Corp. says copper stands to grow in importance for the world's second-biggest gold miner after 10-year-high prices for copper bolstered its first-quarter earnings. Barrick plans to continue its copper-directed exploration efforts while banking increasing revenue from existing mines as prices rise to more than US$4.50 per pound, Mark Bristow said on a conference call to discuss Barrick's results from the first three months of the year. "We see our own copper portfolio as a source of differentiation to our gold industry peers, providing shareholders with meaningful exposure from assets that are in production today," he said. "Based on the current spot pricing, copper is expected to represent at least 20 per cent of our gold-equivalent ounces sold from 2021 to 2025, up from the 16 per cent contribution in 2020, based on actual realized prices." Toronto-based Barrick on Wednesday reported a first-quarter profit of US$538 million, up from US$400 million a year ago, as revenue rose to nearly US$2.96 billion from US$2.72 billion. Copper revenues increased 31 per cent compared with the fourth quarter of 2020 as Barrick's realized price rose to US$4.12 per pound from US$3.39 in the previous quarter and US$2.23 in the year-earlier period. The increase came as copper production slipped to 93 million pounds from 119 million in the fourth quarter and 115 million in the first quarter of 2020, although copper sales were higher at 113 million pounds in the most recent quarter, up from 110 million pound a year ago. Gold production, meanwhile, fell to 1.1 million ounces from 1.2 million in the year-earlier period but the realized price was US$1,777 per ounce, up 12 per cent from US$1,589. Last month, Barrick said its suspended Porgera gold mine in Papua New Guinea will resume operations later this year after negotiations to settle a dispute with the national government resulted in the state taking a much larger ownership stake. The compromise to deliver "a fair split on economics," as well as flexibility in other jurisdictions around the world, are necessary to ensure the mining industry maintains a proper balance of benefits with the countries in which it operates, said Bristow. "Again, we are going to have to do more of that as an industry if we want to remain relevant and be able to operate across the globe," he said. Barrick is making good progress in plans to restart the Porgera mine but is not yet prepared to include its production in its annual guidance, Bristow said. Under the renegotiated agreement, the 95 per cent stake in the mine held by a 50-50 joint venture owned by Barrick and China's Zijin Mining Group Ltd. drops to 49 per cent and the government's ownership jumps from five per cent to 51 per cent. The economic benefits generated over the life of mine are to be split on a 53-47 per cent basis with the larger share going to the government. On Tuesday at its annual general meeting, Barrick shareholders voted 99 per cent in favour of a US$750-million return of capital. The first US$250-million tranche is to be paid on June 15 to shareholders of record on May 28, the company announced. By Dan Healing in Calgary. This report by The Canadian Press was first published May 5, 2021. Companies in this story: (TSX:ABX) The Canadian Press
- Bloomberg
Gold CEO Blasts ‘Hysterical’ Investors Chasing Quick Cash
(Bloomberg) -- Investors are undermining the gold industry’s ability to grow by demanding a bigger share of profits from high prices, according to the CEO of the world’s second-largest producer.“Fund managers just bash the table and want money -- they’re not interested in this industry reinforcing its foundations,” Barrick Gold Corp. Chief Executive Officer Mark Bristow said in an interview Wednesday. “Then they turn around and get hysterical when a host country demands returns.”While Toronto-based Barrick is returning a sizable chunk of earnings and divestment proceeds to shareholders, its shares are down about 3% this year. Bristow urged fund mangers to take a longer-term approach, with miners having to navigate tricky jurisdictions and geologies as well as gain the trust of politicians and populations at a time of rising environmental standards.It’s not the first time the investment community has resisted growth at times of high prices and earnings. Fund managers took some convincing on Barrick’s 2018 tie-up with Randgold Resources, which kicked off a flurry of deal making in the industry, Bristow said.That wave of consolidation has since stalled, “and all we’ve got from the market is ‘returns, returns, returns,’” the CEO said by phone from South Africa.Those calls are also heard by host nations, he said, some of which are now looking for a bigger slice of the mining windfall as prices of industrial metals such as copper surge to the highest levels in a decade.‘Irrational’ BehaviorCopper is benefiting from the global economic recovery and concerns that supply will struggle to keep up with demand growth driven by the clean-energy transformation. Gold, on the other hand, has gotten back toward $1,800 an ounce amid signs of inflationary pressures and weakness in the U.S. dollar.Bristow sees gold supported by “irrational” behavior in response to a pandemic-stressed global economy that threatens the value of paper money. The pandemic has also exacerbated economic inequalities as more vulnerable people lose their incomes and more secure people get wealthier, he said.Mining has a role to play in alleviating poverty and rebuilding economies and infrastructure, but it has to be acceptable to future generations, he said.“I’m cautioning people not to become too obsessed with stripping the industry out of its cash, and not allowing strengthened balanced sheets to be built and investments in the future,” he said. “Whether it’s exploration or deal making, it’s got to create value and you can’t create value as a mining executive if you don’t have support from the fund managers.”(Adds share prices)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
