TORONTO — Some of the most active companies traded Wednesdayon the Toronto Stock Exchange:
Toronto Stock Exchange (20,259.78, up 38.59):
Manulife Financial Corp. (TSX:MFC). Financials. Up 21 cents, or 0.8 per cent, to $27.19 on 23.6 million shares.
Great-West Lifeco Inc. (TSX:GWO). Financials. Up 28 cents, or 0.8 per cent, to $37.51 on 13.4 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up 88 cents, or 1.9 per cent, to $46.74 on 12.7 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 51 cents, or one per cent, to $51.70, on 11 million shares.
Barrick Gold Corp. (TSX:ABX). Materials. Up 17 cents, or 0.8 per cent, to $22.22 on 11 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 14 cents, or 2.7 per cent per cent, to $5.40 on 10.7 million shares.
Companies in the news:
National Bank of Canada (TSX:NA). Up $1.64, or 1.6 per cent, to $101.86. National Bank of Canada said Wednesday that it would take a cautious approach to growth as it reported first-quarter profits that were down as provisions for credit losses ticked up. “In a highly uncertain macro environment, we are maintaining a defensive positioning with a disciplined approach to capital, risk and cost management,” said chief executive Laurent Ferreira on an earnings call. National’s capital ratio of 12.6 per cent is already higher than most other Canadian banks to give it room to spend for organic growth, but the bank is also setting aside more money for potential loan losses as first-quarter provisions totalled $86 million compared with a recovery of $2 million in its first quarter of 2022.
Royal Bank of Canada (TSX:RY). Down $4.92, or 3.5 per cent, to $133.62. Royal Bank of Canada saw profits slip in the first quarter as it joined other banks in setting more money aside for tougher economic conditions ahead, though like others it also benefited from higher capital markets revenue as the uncertainty helped boost trading volumes. The bank reported a profit of $3.2 billion, down from $4.1 billion a year earlier, as a sharp increase in expenses also weighed, driven especially by salaries as RBC looked to prepare itself for growth past the expected downturn this year. “We hired aggressively into the year-end. We’re kind of walking the talk that we’re expecting a softer landing. We’re looking for future growth,” said chief executive Dave McKay on an earnings call Wednesday.
Toronto-Dominion Bank (TSX:TD). Down 19 cents, or 0.2 per cent, to $90.66. TD Bank Group’s US$13.4-billion takeover of First Horizon is in doubt as it looks to further extend the closing date of the deal. First Horizon said in a regulatory filing Wednesday that TD has informed the bank it does not expect to close the deal by the current May 27 deadline and so is looking to extend. Tennessee-based First Horizon said in its filing that TD cannot provide a new projected closing date, and there is no guarantee the deal with go through. TD wouldn’t comment ahead of its quarterly earnings release Thursday but said it remains committed to the transaction.
Enbridge Inc. — A U.S. Gulf Coast gas storage facility and a stake in a company developing fuel from waste food are among a string of new investments announced by Canadian energy giant Enbridge Inc. on Wednesday. At its annual investor day event, the Calgary-based company announced $3.3 billion in new investments it says will help Enbridge grow to meet increasing global demand for energy. The new investments include a deal to acquire Tres Palacios Holdings LLC from Brookfield Infrastructure Partners and Crestwood Equity Partners LP for US$335 million. Tres Palacios is a natural gas storage facility in the U.S. Gulf Coast region, which has been a focus for Enbridge in the last several years. Enbridge will also acquire a 10 per cent stake in Divert Inc., a food waste management company expanding into renewable natural gas, for US$80 million.
This report by The Canadian Press was first published March 1,2023.