TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,769.16, up 120.59 points.)
Enbridge Inc. (TSX:ENB). Energy. Down 44 cents, or 0.9 per cent, to $47.60 on 13.9 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down two cents, or 0.1 per cent, to $15.12 on 12.1 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up three cents, or 0.1 per cent, to $30.20 on 11.3 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down three cents, or 0.5 per cent, to $6.04 on 9.8 million shares.
Bombardier Inc. (TSX:BBD.B). Industrials. Down one cent, or 0.6 per cent, to $1.62 on 7.3 million shares.
Canadian Natural Resources (TSX:CNQ). Energy. Up 11 cents, or 0.2 per cent, to $50.86 on 6.9 million shares.
Companies in the news:
National Bank (TSX:NA). Down $1.08 or 1.1 per cent to $95.28. National Bank is the latest financial institution to delay its plans to have more employees return to the office as concerns increase about the highly transmissible Omicron variant of COVID-19. Bank spokesman Jean-François Cadieux said Wednesday that the bank has asked employees to avoid the office as it closely monitors the evolving situation. Over the longer term, the bank plans to stick to a strategy of opening gradually and voluntarily, said Cadieux. Before the latest announcement, about 15 per cent of employees were back in corporate offices. The change in plans comes as COVID-19 cases from the Omicron variant are rising, which prompted the Ontario government on Friday to ask employers to make every effort to allow employees to work from home. The Bank of Nova Scotia said earlier this week that it was putting a hold on its planned Jan. 17 return to the office and will reassess timing in the new year. Sun Life Financial Inc. also said this week that it has put a pause on expanding its return-to-office pilot program.
Cineplex Inc. (TSX:CGX). Up $1.37 or 11.6 per cent to $13.14. The Ontario judge who ruled in Cineplex Inc.'s favour in a case against its former suitor Cineworld Group PLC found testimony from the U.K. theatre giant's executives was contradicted by their text messages and other internal documents. Judge Barbara Conway said in a decision that Cineworld CEO Mooky Greidinger, his brother Israel Greidinger and chief financial officer Nisan Cohen testified that they had intended to close the $2.18-billion Cineplex deal up until they accused Cineplex of alleged breaches last summer. However, Conway says their communication "paints a very different picture" of executives, who were considering calling off the deal as early as mid-March and by the third week of April had no intention of proceeding with paying $34 per share. Conway said investors sent panicked emails to Cineworld’s executives, urging them to reconsider and walk away from the Cineplex deal. Cineworld walked away from its planned takeover of Cineplex in June 2020, alleging Cineplex was responsible for "material adverse effects." Cineplex called it a case of "buyer's remorse" and sued for more than $2.18 billion in damages. Cineworld filed a counter claim valued at about $54.8 million. Conway found Cineplex was not guilty of the alleged breaches and awarded the company damages of $1.24 billion, though Cineworld has since vowed to appeal the decision.
Canopy Growth Corp. (TSX:WEED). Up 17 cents or 1.4 per cent to $11.92. Canopy Growth Corp. says it has signed a deal to sell its C3 Cannabinoid Compound Company GmbH subsidiary to German company Dermapharm Holding SE. Under the agreement, Canopy will receive an upfront payment of $115.5 million. It will also receive up an additional $61.4 million, subject to the achievement of certain milestones by the business. Dermapharm is a European pharmaceutical company based in Gruenwald, Germany. The business being sold develops and manufactures pharmaceutical products and includes Spectrum Therapeutics GmbH, THC Pharm GmbH The Health Concept and Spectrum Therapeutics Austria GmbH. The deal, which requires regulatory approvals, is expected to close by Jan. 31, 2022 .
This report by The Canadian Press was first published Dec. 15, 2021.
The Canadian Press
