TORONTO — Some of the most active companies traded Wednesday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,021.38, up 36.03 points.)
Suncor Energy Inc. (TSX:SU). Energy. Up 42 cents, or 0.95 per cent, to $44.85 on 13.4 million shares.
UEX Corp. (TSX:UEX). Materials. Up seven cents, or 16.47 per cent, to 49.5 cents on 9.4 million shares.
Great-West Lifeco Inc. (TSX:GWO). Financials. Down 13 cents, or 0.40 per cent, to $32.69 on 7.1 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down nine cents, or 0.39 per cent, to $23.19 on 7.1 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up five cents, or 1.92 per cent, to $2.65 on 6.3 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up 69 cents, or 0.95 per cent, to $73.36 on 5.7 million shares.
Companies in the news:
Turquoise Hill Resources Ltd. (TSX:TRQ). Up $7.25, or 24.01 per cent, to $37.44. Rio Tinto has raised its offer for the 49 per cent stake in Turquoise Hill Resources Ltd. that it does not already own. Turquoise Hill holds a majority stake in the Oyu Tolgoi project in Mongolia. Under the new proposal, Rio Tinto is offering $40 in cash per Turquoise Hill share. The bid is up from an earlier offer of $34 per share that Turquoise Hill rejected. Turquoise Hill acknowledged the new offer and said the special committee of the company’s board was considering the proposal. The company said shareholders do not need to take any action with respect to the proposal at this time. Turquoise Hill owns a 66 per cent stake in the Oyu Tolgoi copper and gold mine in Mongolia. Erdenes Oyu Tolgoi LLC, a Mongolian state-owned entity, holds the remaining 34 per cent interest.
Royal Bank of Canada (TSX:RY). Down $3.29, or 2.6 per cent, to $123.20. Rising interest rates gave a boost to RBC's earnings in the third quarter, but the benefits were outweighed by a significant pullback in capital markets and the deteriorating economic outlook that higher borrowing costs have also triggered. The bank, Canada's largest, reported a net income of $3.6 billion for the quarter ended July 31, down from a profit of $4.3 billion in the same quarter last year, as it booked provisions for potential loan losses ahead and took a hit on a loan underwriting markdown because of market conditions.
National Bank of Canada (TSX:NA). Down 87 cents, or 0.94 per cent, to $91.46. National Bank of Canada reported its third-quarter profit fell compared with a year ago as it was hit by higher provisions for credit losses due to a less favourable economic outlook. The Montreal-based bank said Wednesday it earned net income of $826 million or $2.35 per diluted share for the quarter ended July 31, down from $839 million or $2.36 per diluted share a year ago. Revenue totalled $2.4 billion, up from $2.3 billion in the same quarter last year. Provisions for credit losses amounted to $57 million for the quarter compared with a reversal of provisions for credit losses of $43 million a year earlier.
This report by The Canadian Press was first published Aug. 24, 2022.
The Canadian Press
