TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,461.93, down 132.59 points.)
Harte Gold Corp. (TSX:HRT). Materials. Down one cent, or 33.33 per cent, to two cents on 14.3 million shares.
Wallbridge Mining Co. Ltd. (TSX:WM). Materials. Down 11 cents, or 18.33 per cent, to 49 cents on 9.2 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Down 12 cents, or 7.74 per cent, to $1.43 on 8.6 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down five cents, or 2.44 per cent, to $2 on 8.6 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 12 cents, or 0.23 per cent, to $52.74 on 8.5 million shares.
Storm Resources Ltd. (TSX:SRX). Energy. Up 37 cents, or 6.26 per cent, to $6.28 on 7.4 million shares.
Companies in the news:
CGI Inc. (TSX:GIB.A). Down $4.98 or 4.3 per cent to $109.79. CGI Inc. said new bookings were the driving force behind a 37 per cent profit increase last quarter, as continued need for IT services in the COVID-19 pandemic boosted revenue. The Montreal-based technology and business consulting firm enjoyed bookings of $2.92 billion in its fourth quarter, nearly one-third of that amount from new business versus 22 per cent in the same period last year, said chief financial officer François Boulanger. Despite the strong year-over-year figures for new contracts, overall bookings paled compared to broader market performance, said TD Securities analyst Daniel Chan. Chief executive George Schindler brushed off any fears around an extended bout of inflation — the rate rose 4.4 per cent year over year in September, surging to its fastest pace since 2003. Financial services and insurance bookings rose 20 per cent throughout the year, yielding a book-to-bill ratio of 111 per cent for 2020-21. CGI reported a fourth-quarter profit of $345.9 million, up from $251.9 million in the same quarter last year, as its revenue edged higher.
Canadian Natural Resources Ltd. (TSX:CNQ). Down $1.23 or 2.3 per cent to $53.01. Canadian Natural Resources Ltd. (CNRL) says it has reached a deal to acquire Calgary-based oil and gas explorer Storm Resources Ltd. for $6.28 per share, a price that pegs Storm's enterprise value at $960 million. The purchase price represents an all-time high share price for Storm, as well as a premium of 10 per cent to Storm's 10-day volume-weighted average trading price on the Toronto Stock Exchange as of the close of markets on Tuesday. The deal will give CNRL access to Storm's existing production and infrastructure in the Montney area of northeast British Columbia, where CNRL already has operations. CNRL says Storm's current production in the area is approximately 136 million cubic feet per day of natural gas and 5,600 barrels per day of natural gas liquids. As part of the proposed deal, CNRL will assume Storm's total debt of approximately $186 million. The deal is expected to close in December. In August 2020, CNRL acquired another Montney producer, Painted Pony Energy Ltd., for $469 million.
WSP Global Inc. (TSX:WSP). Up $6.12 or 3.5 per cent to $178.65. The US$1-trillion infrastructure package passed by Congress on Friday marks a boon for WSP Global Inc., says the CEO of the Montreal-based engineering firm. Alexandre L’Heureux said Wednesday the fast-growing company, whose design and management services overlay directly onto the types of projects backed by President Joe Biden's bill, is poised to boost its backlog over the next year and beyond as a result. While Biden predicted last week Americans would begin to feel the impact of the infrastructure bill within two to three months, L'Heureux says federal funds won't start "entering the pipeline" for up to six months. The funding flood should drive more projects for WSP by late next year or 2023, the CEO said. The bill holds the promise of rebuilding aging roads, highways and bridges across the United States as well as improving broadband, ports, water supplies and other public works. Ramped-up spending on infrastructure and green efforts in other countries has also started to pay off. WSP beat expectations Tuesday as its net profit increased 33 per cent in its latest quarter, with acquisitions helping to boost revenues.
RioCan Real Estate Investment Trust. (TSX:REI.UN). Down four cents to $22.84. Lifting COVID-19 restrictions helped one of Canada's most prominent commercial landlords collect more rent in its most recent quarter than at any other point during the pandemic. RioCan Real Estate Investment Trust said Wednesday that it had collected 98.1 per cent of its billed gross cash rents in its third quarter, up from 90.8 per cent at the same time last year. Chief executive Jonathan Gitlin attributed the high level of rent collection to RioCan's "necessity-based retailers," which he called the "bedrock" of the trust because they make up the bulk of its tenants and were resilient throughout the last 20 months. He attributed the rest of the rent collection gains to a growing number of tenants able to reopen their doors and increase consumer capacity in recent months as COVID-19 restrictions were loosened. That rebound translated to RioCan reporting a $137.6-million net income in its third quarter, up from $117.6 million in the same quarter last year. As more people return to RioCan properties, Gitlin thinks they will also realize some of the bold assumptions people made about the pandemic triggering the death of brick-and-mortar stores are wrong.
This report by The Canadian Press was first published Nov. 10, 2021.
The Canadian Press
