TORONTO — Some of the most active companies traded Fridayon the Toronto Stock Exchange:
Toronto Stock Exchange (20,581.58, up 244.37):
Suncor Energy Inc. (TSX:SU). Energy. Up 68 cents, or 1.44 per cent, to $47.97 on 21 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 27 cents, or 0.51 per cent, to $52.83 on 13.2 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Up 23 cents, or 0.85 per cent, to $27.38 on 12 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up $1.70, or 2.12 per cent, to $81.86 on 9.3 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up 18 cents, or 3.30 per cent, to $5.64 on 8.7 million shares.
Athabasca Oil Corp. (TSX:ATH). Energy. Up four cents, or 1.27 per cent, to $3.19 on 8.5 million shares.
Companies in the news:
SNC-Lavalin Group Inc. (TSX:SNC). Up 39 cents, or 1.34 per cent, to $29.39. SNC Lavalin Group Inc. is eyeing an asset selloff as the company continues to pivot away from cash-draining fixed-price construction contracts and sharpen its game as a pure-play engineering firm. SNC will undertake a strategic review to optimize its portfolio of businesses, CEO Ian Edwards told analysts on an earnings call Friday. He highlighted Linxon, a joint venture with Hitachi Energy that focuses on electrical substations. He also pointed to the company's capital segment, whose holdings include a seven per cent stake in the 407 toll road near Toronto. As it disposes of its fixed-price contracts and improves free cash flow, perhaps the importance of the 407 becomes less, Edwards said. The engineering firm reported a $54.4-million loss from continuing operations for the quarter ended Dec. 31, compared with a loss of $15.3 million in the last three months of 2021.
Parkland Corp. (TSX:PKI). Up 19 cents, or 0.64 per cent, to $29.94. Parkland Corp. will not be going ahead with its plan to build a stand-alone renewable diesel complex at its refinery in Burnaby, B.C., in part because the company believes new U.S. legislation gives an advantage to producers south of the border. The Calgary-based fuel retailer had announced a plan in May 2022 to build a stand-alone renewable diesel complex within its Burnaby refinery, capable of producing 6,500 barrels per day. The proposed facility, which was expected to cost about $600 million and would have been partially funded by the B.C. government, would have used renewable feedstocks such as canola oil and used cooking oil to create low-carbon fuel. But the company said Friday it was cancelling the project in the face of rising project costs, a lack of market certainty around renewable fuels, and in particular, the passage of the President Joe Biden's Inflation Reduction Act in the U.S., which offers significant financial subsidies to renewable fuel producers in that country.
Suncor Energy Inc. — Suncor Energy Inc. has taken another step toward streamlining its business, signing a deal to sell its offshore assets in the North Sea to Equinor UK Ltd. in an agreement valued at about $1.2 billion. The deal announced late Thursday comes after Suncor put the assets up for sale last year. The deal includes Suncor's non-operated 29.9 per cent stake in the producing Buzzard field as well as its 40 per cent stake in the Rosebank development, which is operated by Norwegian multinational Equinor and located about 130 kilometres northwest of the Shetland Islands. The transaction is expected to close in the middle of this year.
This report by The Canadian Press was first published March 3,2023.
The Canadian Press
