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This article was published 13/9/2021 (249 days ago), so information in it may no longer be current.
TORONTO - Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,666.41, up 33.35 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 85 cents, or 3.66 per cent, to $24.05 on 18 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 34 cents, or 0.67 per cent, to $50.81 on 12.6 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up $1.33, or 3.13 per cent, to $43.89 on 10.7 million shares.
Fission Uranium Corp. (TSX:FCU). Materials. Up five cents, or five per cent, to $1.05 on 10.4 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 54 cents, or 5.09 per cent, to $11.15 on 10.1 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 62 cents, or 14.42 per cent, to $4.92 on 8.6 million shares.
Companies in the news:
Cineplex Inc. (TSX:CGX). Up 74 cents or 5.8 per cent to $13.60. Cineplex Inc. says a U.K. theatre giant acted in bad faith by delaying a takeover deal of the Canadian company and hoping it would default during the pandemic, a judge heard at the opening of its trial against Cineworld Group PLC. Toronto-based Cineplex is seeking to recoup $2.18 billion in damages from Cineworld after the company walked away from the December 2019 deal amid a strict COVID-19 lockdown in June 2020. Cineworld is arguing it had the right to terminate the agreement without payment because Cineplex strayed from "ordinary course," when it deferred its accounts payable by at least 60 days, reduced spending to the "bare minimum" and stopped paying landlords, movie studios, film distributors and suppliers at the start of the pandemic. The trial is expected to be a test case for pandemic-era litigation as the two companies argue about each other's actions during the pandemic, which led to plummeting revenues and changed the cinema landscape. Cineplex's lawyer alleged Cineworld never stated it took issue with Cineplex's actions until it filed to break its deal with the Canadian company. He added that Cineplex's leadership team was in constant discussion with Cineworld as the two companies weathered the pandemic.
Canadian National Railway Co. (TSX:CNR). Down $2.87 or 1.9 per cent to $147.87. Activist investor TCI Fund Management Ltd. has stepped up its push for boardroom changes at Canadian National Railway Co. after the company's efforts to take over a U.S. railway hit a wall. British-based TCI said Monday it intends to ask for a special meeting of CN Rail shareholders for the purpose of "refreshing" the railway's board by adding four members that it has nominated. The fund, which is also the largest shareholder of Canadian Pacific Railway Ltd., also said it has proposed Jim Vena, former chief operating officer at CN, as a potential replacement to current CEO Jean-Jacques Ruest. The move comes a day after Kansas City Southern said that a takeover bid from CP looks to be the superior proposal, after CN Rail failed to secure a key regulatory approval from the U.S. Surface Transportation Board. KCS says it plans to terminate its deal with CN and sign a definitive agreement with CP Rail, which has made a proposal valued at about US$31 billion including debt. TCI managing partner Chris Hohn said the fund launched the proxy fight after CN Rail's bid for KCS showed a "basic misunderstanding of the railroad industry."
Crescent Point Energy Corp. — Crescent Point Energy Corp. is raising its quarterly dividend after what it says has been significant progress in improving its balance sheet strength and sustainability. The company says it will now pay a quarterly dividend of three cents per share starting with its payment for the fourth quarter. Crescent Point slashed its dividend at the start of the pandemic last year to a quarterly rate of 0.25 of a cent per share. The increased payment to shareholders came as the company said it expects its production next year to be between 131,000 and 135,000 barrels of oil equivalent per day. The preliminary estimate is based on development capital expenditures of $825 million to $900 million. Excess cash flow, after dividends, is expected to be $625 million to $875 million.
This report by The Canadian Press was first published Sept. 13, 2021.