TORONTO — Some of the most active companies traded Tuesday on the Toronto Stock Exchange:
Toronto Stock Exchange (16,368.03, up 198.83 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Down 2.5 cents, or 5.38 per cent, to 44 cents on 9.97 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 38 cents, or 1.8 per cent, to $21.45 on 7.49 million shares.
Manulife Financial Corp (TSX:MFC). Financials. Up six cents, or 0.33 per cent, to $18.01 on 7.4 million shares.
B2Gold Corp. (TSX:BTO). Materials. Up 29 cents, or 3.12 per cent, to $9.57 on 7.03 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up $1.08, or 2.52 per cent, to $43.95 on 6.95 million shares.
Kinross Gold Corp. (TSX:K). Materials. Up 38 cents, or 3.04 per cent, to $12.88 on 6.93 million shares.
Companies in the news:
Calfrac Well Services Ltd. (TSX:CFW). Up 1.5 cents or 10.7 per cent to 15.5 cents. A Texas-based competitor that is also an investor and debtholder in struggling Calfrac Well Services has put forward a recapitalization plan it says is superior to one the Calgary-based company announced three weeks ago. Wilks Brothers, LLC, says its offer would significantly lower Calfrac's debt level and give a better recovery to stakeholders by providing more consideration for a smaller equity stake. It charges the plan advanced by management would result in a high debt levels, inferior recoveries and would "unfairly enrich certain key insiders" in the company. In a previous news release, Calfrac said Wilks Brothers, which owns U.S. competitor ProFrac Services Ltd., made two offers to buy Calfrac's U.S. business in June. Both were refused. Wilks Brothers owns just under 20 per cent of Calfrac's common shares. Both Calfrac and ProFrac offer oilfield services including hydraulic fracturing, where chemicals and liquids are injected at high pressure into underground formations to break up tight rock and allow trapped oil and gas to flow into the well.
Husky Energy Inc. (TSX:HSE). Up 21 cents or 4.87 per cent to $4.52. Husky Energy is joining other major oilsands producers in setting a short-term emissions intensity reduction target as a preliminary step as it works on a way to achieve net zero emissions by 2050. In its 2020 environmental, social and governance (ESG) report, it calls for a 25 per cent emissions per barrel reduction by 2025, noting it is a "start" while it invests in new technologies and carbon offsets to reach its longer-term goal. Husky also announced a gender diversity commitment to have 25 per cent of its senior leadership roles occupied by women, up from 16 per cent last year, with no specific deadline. Fellow Calgary-based oilsands producers Suncor Energy Inc. and Cenovus Energy Inc. have set targets to reach a 30 per cent reduction in carbon intensity per barrel by 2030 and Cenovus has also endorsed the net-zero-by-2050 goal. Oilsands producer Canadian Natural Resources Ltd. has also pledged to work toward a zero-emissions target without giving a specific date. Last month, Ottawa unveiled rules associated with its new Impact Assessment Act that would require proposed projects that will still be operating in 2050 to include a plan to get to net zero emissions in order to be approved.
This report by The Canadian Press was first published Aug. 4, 2020.
The Canadian Press