|Bid||22.13 x 0|
|Ask||22.15 x 0|
|Day's Range||22.01 - 22.34|
|52 Week Range||18.33 - 25.18|
|Beta (3Y Monthly)||1.60|
|PE Ratio (TTM)||7.76|
|Forward Dividend & Yield||1.00 (4.50%)|
|1y Target Est||N/A|
TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:Toronto Stock Exchange (16,309.23, up 95.92 points).Manulife Financial Corp. (TSX:MFC). Financials. Up 39 cents, or 1.79 per cent, to $22.23 on 9.4 million shares.Largo Resources Ltd. (TSX:LGO). Materials. Up two cents, or 1.42 per cent, to $1.43 on 6.6 million shares.Enbridge Inc. (TSX:ENB). Energy. Up 65 cents, or 1.46 per cent, to $45.06 on 6 million sharesEncana Corp. (TSX:ECA). Energy. Down eight cents, or 1.37 per cent, to $5.77 on 5.9 million shares.Barrick Gold Corp. (TSX:ABX). Materials. Down eight cents, or 0.32 per cent, to $24.80 on 5.5 million shares.B2Gold Corp. (TSX:BTO). Materials. Down 16 cents, or 3.31 per cent, to $4.67 on 4.8 million shares.Companies in the news:Royal Bank of Canada (TSX:RY). Up 57 cents to $99.91. Royal Bank of Canada increased its dividend as its third-quarter profit rose by five per cent to hit a record, but the lender's latest earnings missed estimates as challenging market conditions weighed on its capital markets division. Earnings from its investor and treasury services arm also fell, but strength in personal and commercial banking, wealth management and insurance compensated for these weaknesses to reach a new quarterly high. Canada's biggest bank by market capitalization reported $3.3 billion in net income for the quarter, up five per cent from $3.1 billion a year ago.Kinder Morgan Canada Ltd. (TSX:KML). Up $3.47 or 31.6 per cent to $14.45. Shares in Kinder Morgan Canada Ltd. surged after Pembina Pipeline Corp. announced it would buy the company and the U.S. portion of the Cochin pipeline system in deals it valued at a total of about $4.35 billion. The companies estimated the Pembina offer for Kinder Morgan represented a 38 per cent premium to its Tuesday close. The Cochin pipeline owned in partnership by Kinder Morgan Canada and its American parent, Kinder Morgan Inc., runs 2,900 kilometres between Fort Saskatchewan, northeast of Edmonton, and Chicago and has a design capacity of up to 110,000 barrels per day.Shaw Communications Inc. (TSX:SJR.B). Up eight cents to $25.54. Shaw Communications Inc. and Videotron have joined major Canadian telecom companies that have expressed concern over the CRTC's decision to lower the prices that smaller internet providers have to pay them to use their networks. Calgary-based Shaw warned Wednesday of long-term negative consequences from the decision to dramatically reduce the federally regulated wholesale broadband prices. Quebecor subsidiary Videotron also weighed in, expressing concern about the potential economic impacts from any delays in infrastructure investments. The Canadian Press
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TORONTO — Manulife Financial Corp. says its net income attributable to shareholders soared to $1.47 billion in the second quarter on a growth in new business in Asia.The Toronto-based insurer earned 73 cents per diluted share for the three months ended June 30, up about 20 per cent from 61 cents per share a year earlier when it earned $1.27 billion.Excluding one-time items, adjusted or core earnings increased 1.5 per cent to $1.45 billion from $1.43 billion.That equalled 72 cents per share, two cents higher than the second quarter of 2018 and one cent above analyst forecasts, according to financial markets data firm Refinitiv.Total revenues surged to $22.22 billion, including $8.7 billion from premiums. That's up from $13.7 billion, including $8.75 billion in premiums a year earlier.Overall, new business climbed 16.5 per cent to $479 million, including a nine-per-cent increase in Asia to $364 million, unchanged at $65 million in Canada and $50 million in the U.S., up from $12 million in the prior year.Core business in Asia increased 15 per cent to $471 million, fell in Canada to $312 million and was relatively stable at $441 million in the U.S."We have continued to focus on executing our strategy, with capital released from portfolio optimization increasing to $3.7 billion," said CEO Roy Gori."We have also taken steps to further strengthen Manulife's long-term growth opportunity in Asia, including entering into an asset management joint venture agreement in India." Companies in this story: (TSX:MFC).The Canadian Press
(Bloomberg) -- Same-day shipping is becoming the norm for online shoppers but for smaller merchants it can be a logistical nightmare. That’s where Shopify Inc. can step in, says Ric Kostick, chief executive officer of 100% PURE.The natural skincare company ships up to 5,000 orders a day from its own warehouse in San Jose, California. That works fine for customers on the West Coast but it can take up to a week to get its bamboo blur powder and coconut shower gel to the rest of the U.S. The company contemplated setting up an East Coast warehouse but the prospect was technically daunting.“The hardest thing is programming the technology to route the packages the right way and route the orders based on what a customer orders and what inventory is available at each site. Shopify has built the technology to calculate this,” says Kostick, who co-founded 100% PURE in 2004. “This is something I’ve wanted for years.”When Shopify said last month that it was moving into the fulfillment business -- essentially charging online merchants to store and ship their products -- the shares spiked and analysts began talking about the Canadian upstart as a potential competitor to Amazon.com Inc.It’s unlikely to become a serious threat to Amazon at this point. But many analysts believe the Ottawa-based company’s decision to add logistics to its range of online services is smart because it could help keep customers loyal, fend off competition and create an additional source of revenue. The move also could potentially pry small merchants from Amazon, which is focusing more on mega brands like Procter & Gamble Co.“A merchant is doing tens of millions of dollars in revenue but their fulfillment is a complete mess and that could prevent them from being successful,” says Taylor Sicard, a former Shopify employee who now runs a company that helps merchants set up e-commerce businesses. “It is a massive opportunity for Shopify.”Founded in 2006, Shopify had a simple pitch: pay us $29 a month and we’ll give you all the tools required to start an online business. Many Shopify customers fail, but the more successful they are, the more money Shopify makes through transaction fees and higher-priced subscription tiers. Its Shopify Plus premium service, which counts Kylie Jenner, The New York Times and 100% PURE as its customers, can cost at least $2,000 per month.Investors love the model. Shopify shares have soared more than 1,800% since the company went public in May 2015, making it one of Canada’s most successful startups. The stock has been hitting records almost daily and now has a market value of C$48.73 billion ($37 billion), bigger than two the country’s oldest financial heavyweights, Manulife Financial Corp. and Canadian Imperial Bank of Commerce.But Shopify has struggled to make a profit and is poised to report a net loss of $35 million on sales of $320 million for the second quarter on Aug. 1, according to the average of analyst estimates compiled by Bloomberg.As the company matures, meanwhile, it will be harder to sustain the average 74% year-over-year revenue growth rates it has managed over the past three years. There are also concerns that Shopify relies too heavily on a few, large merchants that use its premium services. Most of the company’s customers, which amounted to over 820,000 as of June, are smaller and tend to flame out on a regular basis, creating considerable churn.That’s where the fulfillment service comes in. The company has pledged to negotiate low rates with warehouses and shipping companies, then pass those savings on to its customers. In the future, Shopify could pool shipments from different merchants together, making shipping faster and cheaper and gaining some of the same advantages Amazon gets from its centralized fulfillment network.Initial PhaseIt’s partnered with logistics firms to offer the service to merchants shipping orders of 10 to 10,000 items in seven warehouses in states including Nevada, California, and Texas in the initial phase.“Right now it is really important that we invest in the right growth opportunities for the future and not necessarily take our foot off the gas,” says Harley Finkelstein, Shopify’s chief operating officer.Many merchants prefer using Shopify because they can create a brand on their own website, rather than being subsumed into an Amazon-style marketplace. The new fulfillment service will also let them slap their brand on the shipping cartons, something some fulfillment companies don’t offer.Kostick, who also sells his products on Amazon and uses its fulfillment network says the U.S. company provides access to one of the fastest-growing distribution channels for beauty products in the U.S., but Shopify offers more control.“You can customize your own website however you want,” he says. “Basically, you’re empowered.”Jennifer Harper, who also sells sustainable cosmetics through Shopify, says she will wait until Shopify sorts out any kinks before trying the fulfillment service. Others say it could be difficult and expensive to get out of existing contracts with standalone services in the short term.Happy MerchantsShopify says it could eventually build its own warehouses. While Shopify’s finance chief, Amy Shapero, has said that the company will be able to offset the cost with fees for the new service, some analysts say revenue will be limited at first because Shopify will need to offer discounts to lure merchants.Amazon may have little to fear from Canada’s most valuable tech company at this point. Still, Shopify offers a serious alternative to the Seattle leviathan.“Amazon is all about trying to satisfy the customer,” says Anurag Rana, a senior analyst at Bloomberg Intelligence. “They do whatever they can in their power to squeeze money out of the merchants to give it to customers. Shopify is the exact opposite. They will do whatever it takes to help the merchant and maximize their profit.”(Updates with share price and market cap in seventh paragraph)To contact the reporter on this story: Simran Jagdev in Toronto at email@example.comTo contact the editors responsible for this story: Jacqueline Thorpe at firstname.lastname@example.org, ;Jillian Ward at email@example.com, Robin AjelloFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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