TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,174.14, down 289.28 points.)
Bank of Nova Scotia. (TSX:BNS). Financials. Down 35 cents, or 0.44 per cent, to $78.74 on 11.7 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up four cents, or 2.35 per cent, to $1.74 on 10 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 14 cents, or 2.38 per cent, to $5.74 on 8.4 million shares
Baytex Energy Corp. (TSX:BTE). Energy. Up eight cents, or 2.34 per cent, to $3.50 on 8.3 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Up five cents, or 0.73 per cent, to $6.95 on 7.7 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up four cents, or 0.32 per cent, to $12.56 on 7.7 million shares.
Companies in the news:
SNC-Lavalin Group Inc. (TSX:SNC). Down 83 cents or 2.3 per cent to $35.68. SNC-Lavalin Group Inc. says it is restructuring its business segments again as it looks to become cash-flow positive and return to an investment-grade credit rating. The Montreal-based engineering firm, which has been working to put several corruption scandals behind it, says the reorganization will help set the stage for growth after years of de-risking the business. The company is rolling its mining and infrastructure segments into its general engineering services business, while engineering as a whole and several other segments are now grouped under its SNCL services business. SNC says it is targeting organic revenue growth of four to six per cent annually for the next three years in the services segment, which excludes only some legacy transit projects in Canada and the company's capital segment. Speaking at an investor day Tuesday, company chief executive Ian Edwards said the company has sold its oil and gas business and is winding down its lump-sum turnkey contracts for transit projects that have been a drain on cash flow as it looks to simplify the business. He says the company will be focused on its core markets of Canada, the U.K. and the U.S., while also maintaining more targeted operations in other global markets.
Kirkland Lake Gold Ltd. (TSX:KL). Down $4.32 or 7.8 per cent to $51.38. Gold miners Agnico Eagle Mines Ltd. and Kirkland Lake Gold Ltd. have agreed to merge. Under the deal announced Tuesday, Kirkland Lake Gold shareholders will receive 0.7935 of an Agnico Eagle common share for each Kirkland Lake Gold common share held. The new Agnico Eagle will be led by a combined board and management team including seven directors from Agnico Eagle and six from Kirkland Lake Gold. Agnico Eagle CEO Sean Boyd will become executive chair of the board, while Kirkland Lake Gold CEO Tony Makuch will be chief executive of the combined company. Makuch said the deal creates an industry leader. Existing Agnico Eagle shareholders will own 54 per cent of the combined company while Kirkland Lake Gold shareholders will hold 46 per cent. The deal requires approval by a two-third majority vote by Kirkland Lake Gold shareholders and a simple majority vote by Agnico Eagle shareholders. Agnico Eagle has mines in Canada, Finland and Mexico as well as exploration and development activities in those countries and the United States and Colombia.
This report by The Canadian Press was first published Sept. 28, 2021.
The Canadian Press