TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,748.58, up 216.40 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up $1.10, or 2.2 per cent, to $51.66 on 20.4 million shares.
Aurora Cannabis Inc. (TSX:ACB). Health care. Down $1.33, or 38.3 per cent, to $2.14 on 13.9 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 19 cents, or 0.3 per cent, to $58.78 on 13.4 million shares.
Western Energy Services Corp. (TSX:WRG). Energy. Unchanged at four cents on 10.9 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 62 cents, or 2.2 per cent, to $28.80 on 9.6 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Down 19 cents, or 0.7 per cent, to $26.18 on 9.1 million shares.
Companies in the news:
Canopy Growth Corp. (TSX:WEED). Down 97 cents or 13.6 per cent to $6.15. Canopy Growth Corp.'s shift toward premium cannabis helped the company report a smaller quarterly loss compared with a year ago, but it wasn't enough to prevent a 25 per cent drop in revenue. The Smiths Falls, Ont., cannabis company behind brands like Tweed, Doja and Ace Valley said Friday that net revenue in what was Canopy's fourth quarter totalled $111.8 million, down from $148.4 million in the same quarter last year. On a year-over-year basis, the company's global cannabis net revenue fell 35 per cent to $66 million in the quarter. That included a 36 per cent decrease to $39 million from Canadian recreational cannabis and a 33 per cent drop to $27 million from medical cannabis and other products like edibles sold in Canada. Revenue from other consumer products including Storz & Bickel (vapes), This Works (skin care), BioSteel (sports drinks and protein powders) and other items fell three per cent to $45.8 million. The company had a net loss of $578.6 million or $1.46 per diluted share for the quarter ended March 31 compared with a net loss of $616.7 million or $1.85 per diluted share a year earlier.
Aurora Cannabis Inc. — Aurora Cannabis Inc.'s share price fell by about 40 per cent, after the company announced it sold US$150 million worth of shares. The Edmonton marijuana company's share price was $3.47 when trading ended Thursday, but by mid-morning Friday, had fallen to $2.07 and closed at $2.14. The sale of shares was part of an amendment Aurora made to a previously announced bought deal financing. The amendment made it possible for a syndicate of underwriters led by Canaccord Genuity and BMO Capital Markets to purchase 61.2 million Aurora units for US$2.45 each. Each unit is composed of one common share in Aurora and one common share purchase warrant, which can be used to acquire one common share for US$3.20 each in the next 36 months. Aurora has yet to record a profit and in recent years has been trying to drive revenues by better aligning supply with demand, laying off staff and closing facilities.
National Bank of Canada (TSX:NA). Up $2.22 or 2.3 per cent to $97.10. National Bank of Canada beat expectations in its latest quarter as it prepares to navigate through a more uncertain economic environment. Already muddied by the war in Ukraine and supply chain disruptions, the economic backdrop looks even more uncertain as economists expect the Bank of Canada to raise interest rates faster than expected. Some experts fear that the tightening of monetary policy will lead to a recession. In this difficult economic context, CEO Laurent Ferreira said the resilience of the Canadian economy is an asset. Ferreira noted that the Canadian economy is supported by the natural resources sector and that the unemployment rate remained relatively low. The Montreal-based bank raised its quarterly dividend six per cent to 92 cents per share after reporting that its second-quarter net income grew to $893 million. The increased payment to shareholders came as the bank says it earned $2.55 per diluted share for the quarter ended April 30 compared with a profit of $801 million or $2.25 per diluted share a year earlier. Revenue totalled $2.44 billion, up from $2.24 billion.
CWB Financial Group (TSX:CWB). Down $3.19 or 9.6 per cent to $30.02. CWB Financial Group is raising its dividend as it reports its second-quarter common shareholders' net income rose three per cent compared with a year ago. The Edmonton-based company says it will now pay a quarterly dividend of 31 cents per share, up a penny from 30 cents per share. The bank says its common shareholders' net income amounted to $74.2 million or 82 cents per share for the quarter ended April 30, up from $72 million or 82 cents per share a year ago when it had fewer shares outstanding. Revenue totalled $258.8 million, up from $247.1 million in the same quarter last year as CWB's total provision for credit losses amounted to $11.2 million for the quarter, down from $14.8 million a year ago. On an adjusted basis, CWB says it earned 84 cents per share in its latest quarter, unchanged from its adjusted profit of 84 cents per share in the same quarter last year. Analysts on average had expected an adjusted profit of 90 cents per share, according to estimates compiled by financial markets data firm Refinitiv.
This report by The Canadian Press was first published May 27, 2022.
The Canadian Press
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