TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (19,031.64, down 111.61 points.)
Pine Cliff Energy Ltd. (TSX:PNE). Energy. Down one cent, or 3.7 per cent, to 26 cents on 12.3 million shares.
Tetra Bio-Pharma Inc. (TSX:TBP). Up 4.5 cents, or 20.93 per cent, to 26 cents on 7.8 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 34 cents, or 0.73 per cent, to $46.30 on 5.4 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down 30 cents, or 1.18 per cent, to $25.15 on 5.3 million shares.
Zenabis Global Inc. (TSX:ZENA). Health care. Unchanged at 10.5 cents on five million shares.
Air Canada (TSX:AC). Industrials. Up $1.05, or 4.44 per cent, to $24.69 on 4.6 million shares.
Companies in the news:
Precision Drilling Corp. (TSX:PD). Down $1.38, or 4.2 per cent, to $31.87. New greenhouse gas emission cutting targets are being described as "extremely aggressive," "ambitious" and "illogical" by members of the Canadian oilpatch after they were rolled out at a virtual climate summit of world leaders on Thursday. Prime Minister Justin Trudeau committed to slash Canada's GHGs by 40 to 45 per cent by 2030 and President Joe Biden vowed to cut emissions in the United States by 50 to 52 per cent in the same time frame. Precision Drilling CEO Kevin Neveu said the aggressive targets are being laid out without a process or plan behind them. There are solutions available today such as using grid electricity, renewable energy or natural gas that would allow the drilling industry to meet the emission targets for its operations, said Neveu, adding he urges the governments to continue to support research that will allow the broader oilpatch to also cut emissions. Grant Fagerheim, CEO of Whitecap Resources Inc., said he also supports efforts to reduce emissions but disagrees with the way the new Canadian targets are being rolled out.
Canadian Pacific Railway. (TSX:CP). Up $14.96, or 3.4 per cent, to $458.96. The head of Canadian Pacific referred to its rival's bid for U.S. railway Kansas City Southern as "fantasyland" as a war of words between Canada's two largest railroads continued to heat up. Canadian National Railway's US$33.7-billion offer this week could be 500 per cent more than CP's bid, but Keith Creel called CN's offer "fantasy money" and "fool's gold." In a Thursday letter to the KCS board of directors, CN Rail CEO Jean-Jacques Ruest countered by accusing Canadian Pacific Railway of distracting investors with "inaccurate and unfounded assertions." Ruest said the Calgary-based rival has failed to acknowledge the "clear and substantial superiority" of CN’s cash-and-share proposal for KCS shareholders. Its proposal is valued at US$325 per share that is US$50 per share higher than CP's which is valued at US$25 billion. Creel said that while CN's offer was "eye-opening," it is unattainable because it can't win U.S. regulatory approval due to its negative impact on competition.
Inter Pipeline Ltd. (TSX:IPL). Up 10 cents to $18.16. Inter Pipeline Ltd. says it has signed take-or-pay contracts covering about 60 per cent of production from the Heartland Petrochemical Complex it's building northeast of Edmonton as it continues to fight off a hostile takeover bid by Brookfield Infrastructure Partners LP. The Calgary-based company said Thursday the deals with a total of seven parties have an average duration of nine years and it is confident it will achieve its goal of 70 per cent contracted production before the plant, designed to convert propane into polypropylene plastic pellets, starts up in early 2022. The contracts are with a mixture of North American polypropylene consumers as well as Canadian and multinational producers who will pay to have their propane transformed into polypropylene at the plant and then share in the profit when that product goes to market, CEO Christian Bayle said in an interview.
This report by The Canadian Press was first published April 22, 2021.