TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,633.28, down 62.89 points.)
Enbridge Inc. (TSX:ENB). Energy. Up $1.24, or 2.2 per cent, to $58.47 on 18.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up seven cents, or 0.3 per cent, to $24.96 on 12.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 41 cents, or 1.6 per cent, to $26.28 on 8.4 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Up six cents, or five per cent, to $1.27 on 8.1 million shares.
ARC Resources Ltd. (TSX:ARX). Energy. Down 84 cents, or 4.5 per cent, to $18.03 on 7.6 million shares.
Denison Mines Corp. (TSX:DML). Materials. Down four cents, or 2.5 per cent, to $1.54 on 6.9 million shares.
Companies in the news:
Telus Corp. (TSX:T). Up 65 cents or 2.1 per cent to $32.28. Telus Corp.'s president and chief executive says the company has managed to weather recent economic challenges and even report a profit increase in its most recent quarter because its mix of products spans the internet, data, agriculture and health industries. Darren Entwistle said on a Friday call with analysts that the company's proactive response to challenges and its investments in technology have helped it navigate numerous external pressures in the past couple of decades. The Vancouver-based telecommunications company revealed its net income attributable to common shares totalled $385 million or 28 cents per share in its first quarter, compared with $331 million or 25 cents per share a year ago. Operating revenues and other income rose to $4.28 billion compared with $4.02 billion in the first quarter of 2021.
Enbridge Inc. — Pipeline giant Enbridge Inc. will accelerate investments in low-carbon technologies as the war in Ukraine drives global concerns about energy supply and security, chief executive Al Monaco said Friday. Monaco's comments came the same day that Calgary-based Enbridge announced plans to partner with Denver-based Humble Midstream LLC on a low-carbon hydrogen and ammonia production and export facility to be located at Enbridge's Ingleside Energy Center near Corpus Christi, Texas. On Friday, Enbridge reported first-quarter earnings of $1.93 billion compared with $1.9 billion in the same quarter last year. The profit amounted to 95 cents per share for the quarter ended March 31 compared with 94 cents per share a year ago. The company said cash provided by operating activities hit $2.94 billion in the first three months of the year, compared with $2.56 billion in the same period of 2021. Revenues increased 24 per cent to $15.1 billion from $12.1 billion a year earlier.
Stelco Holdings Inc. (TSX:STLC). Up eight cents to $44.74. Stelco Holdings Inc. beat expectations as it reported a strong quarter despite a challenging start to the year. The Hamilton-based steel maker says its net income for the first quarter more than doubled to $262 million or $3.52 per diluted share, from $119 million or $1.34 per share a year earlier. Excluding one-time items, adjusted profits were $268 million or $3.61 per share, up from $172 million or $1.94 per share in the first quarter of 2021. Revenues for the three months ended March 31 increased 36 per cent to $906 million, from $665 million in the prior-year quarter. Stelco was expected to earn $2.72 per share on $872.2 million in revenues, according to financial data firm Refinitiv. Average selling prices increased 56 per cent to $1,493 per net ton from the prior year but were down 19 per cent from the fourth quarter.
Dorel Industries Inc. (TSX:DII.B). Down 89 cents or 11.3 per cent to $7.00. Dorel Industries Inc. shares plunged as the Montreal-based company lost money for a third-straight quarter on continued supply chain issues and high inflation. The maker of home furniture and products for young children says its net loss from continuing operations more than doubled to US$27.2 million in the first quarter, from US$12.8 million a year earlier. That equalled a loss of 84 cents per share for the three months ended March 31, compared with a loss of 40 cents per share in the first quarter of 2021. Reporting in U.S. dollars, adjusted profits fell to US$4.8 million or 76 cents per share, from a loss of US$3.4 million or 10 cents per share in the first quarter of 2021. Revenues decreased 2.4 per cent to US$428 million, from US$435.6 million in the prior-year quarter.
Chorus Aviation Inc. (TSX:CHR). Down 11 cents or 2.9 per cent to $3.70. The head of Chorus Aviation Inc. says travellers are returning to the skies en masse, leaving the company poised to benefit after feeling the pinch of COVID-19's fifth wave last quarter. The Halifax-based company, which leases planes across the globe and provides regional service for Air Canada via Chorus subsidiary Jazz Aviation, will see its fleet "very fully utilized" this summer, including Jazz's 48 planes, CEO Joe Randell told analysts on a conference call Friday. Business travel, which yields fatter margins and a traditionally disproportionate share of ticket earnings, is also starting to come back after a much slower rebound than leisure trips. The company's net income of $22.9 million in the quarter ended March 31 marked a strong bounce-back from a loss of $38.1 million in the same period last year. And operating revenues rose 69 per cent to $342.4 million from $202.5 million. Adjusted net income of $17.7 million or 10 cents per basic share last quarter marked a jump from $15.7 million in 2021.
This report by The Canadian Press was first published May 6, 2022.
The Canadian Press
