TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (18,861.36, down 217.28 points.)
Bank of Nova Scotia (TSX:BNS). Financials. Down 80 cents, or one per cent, to $76.18 on 9.3 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 22 cents, or 2.3 per cent, to $9.15 on 7.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 51 cents, or two per cent, to $24.49 on 7.2 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Down 18 cents, or two per cent, to $8.94 on 6.9 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up one cent, or 0.05 per cent, to $22.32 on 6.8 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 39 cents, or 0.9 per cent, to $45.16 on 6.7 million shares.
Companies in the news:
Air Canada (TSX:AC). Down $1.03 or six per cent to $16.04. Consumer rights advocates are demanding Air Canada provide compensation to many of the hundreds of thousands of passengers whose summer flights it cancelled — but whether the airline plans to concede remains up in the air. Canada’s largest carrier said Wednesday night it will cut more than 15 per cent of its departures in July and August as the country’s flight network sags under an overwhelming travel resurgence. The move will see more than 9,500 flights, or 154 per day on average, dropped from the airline’s schedule — already operating at just 80 per cent of pre-pandemic levels. The flights link mainly to the airline’s Toronto and Montreal hubs, and run along domestic or Canada-U.S. routes. No international flights other than those to the United States were among the cull. Sylvie De Bellefeuille, a lawyer with Quebec-based advocacy group Option consommateurs, says many customers are “absolutely” owed compensation under Canada’s passenger rights charter. The Air Passenger Protection Regulations (APPR), which took force in 2019, require compensation — distinct from refunds — of between $400 and $1,000 for a cancellation or significant delay that is “within the carrier’s control,” should the traveller opt to reject the rebooking, and in some cases when they accept it.
Canopy Growth Corp. (TSX:WEED). Down 83 cents or 18.5 per cent to $3.66. Canopy Growth Corp. has signed a deal to exchange C$255.4 million of its debt for shares and a little bit of cash. Under the agreement with a limited number of noteholders, the cannabis company will acquire the 4.25 per cent unsecured convertible senior notes due in 2023 for about C$252.8 million in shares plus approximately C$3 million in cash for accrued and unpaid interest. The price used to value the shares will be the volume-weighted average trading price on the Nasdaq Global Select Market for the 10 consecutive trading days beginning Thursday, subject to a floor price of US$2.50 and a maximum of US$3.50 per share. Constellation Brands Inc., through its wholly owned subsidiary Greenstar Canada Investment Limited Partnership, has agreed to swap half of the C$200 million in notes it holds under the deal. The company, which is already Canopy’s largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares. Constellation currently holds nearly 142.3 million Canopy shares, representing a 35.3 per cent stake in the company.
This report by The Canadian Press was first published June 30, 2022.