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Most actively traded companies on the TSX

TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange: Toronto Stock Exchange (16,024.50, down 38.83 points.) Air Canada (TSX:AC). Industrials. Down 72 cents, or 3.96 per cent, to $17.48 on 6.9 million shares.

TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:

Toronto Stock Exchange (16,024.50, down 38.83 points.)

Air Canada (TSX:AC). Industrials. Down 72 cents, or 3.96 per cent, to $17.48 on 6.9 million shares.

B2Gold Corp. (TSX:BTO). Materials. Down 13 cents, or 1.58 per cent, to $8.12 on 5.2 million shares.

Algonquin Power & Utilities (TSX:AQN). Utilities. Up 21 cents, or 1.14 per cent, to $18.59 on 4.8 million shares.

Karora Resources Inc. (TSX:KRR). Materials. Up four cents, or 6.25 per cent, to 68 cents on 4.7 million shares.

Kinross Gold Corp. (TSX:K). Materials. Down nine cents, or 0.87 per cent, to $10.27 on 4.6 million shares.

Cenovus Energy Inc. (TSX:CVE). Energy. Down seven cents, or 1.12 per cent, to $6.20 on 4.3 million shares.

Companies in the news:

Cogeco Inc. (TSX:CGO). Up $1.12, or 1.4 per cent, to $82.12. Cogeco Inc. expects to see overall growth in revenue, adjusted earnings and cash flow in its next quarter, which ends Aug. 31, but its executives said Thursday they can't predict over a longer term. Chief financial officer Patrice Ouimet told analysts on a conference call that Cogeco can't predict what will happen when governments end their financial supports for businesses and consumers. The level of uncollected payments, or receivables, is higher than normal because Cogeco and the rest of the industry didn't disconnect customers while they were confined due to COVID-19, he said. Among Cogeco's commercial clients, he said there's been a drop in video services to the hospitality industry, but internet and phone service have held up because they're more core to the businesses. Similarly, Cogeco chief executive Philippe Jette told analysts that the company's media business, particularly its Quebec radio stations, continues to see pressure on advertising revenue.

Quebecor Inc. (TSX:QBR.B). Down seven cents to $29.12. The Cirque du Soleil's shareholders terminated their takeover bid after the insolvent entertainment business reached an agreement with its creditors for an offer without any contribution from Quebec taxpayers. The agreement will be presented Friday to the Superior Court of Quebec for approval to become the new so-called stalking horse bid for any rival offers that may be presented next month. A lawyer representing Quebecor suggested last week that the media conglomerate intended to make a bid. The shareholders — the Texan fund TPG Capital, the Chinese firm Fosun and the Caisse de depot et placement du Quebec — presented a US$420-million bid June 29 when Cirque filed for creditor protection. They were counting on a US$200-million loan from the Quebec government. The shareholders and Cirque agreed to terminate the agreement, said a Cirque statement Thursday.

Barrick Gold Corp. (TSX:ABX). Down 33 cents to $36.27. Barrick Gold Corp. is reporting lower production of gold and higher costs at its mines in preliminary second-quarter results. The Toronto-based miner says gold production in the three months ended June 30 fell by about eight per cent to 1.149 million ounces from 1.25 million in the previous quarter, mainly due to COVID-19 related disruptions at its Veladero mine in Argentina. It warns that second quarter gold all-in sustaining costs per ounce are expected to be seven to nine per cent higher than in the first quarter, while copper costs are to rise by four to six per cent. Barrick says the average market price for gold in the second quarter was US$1,711 per ounce, up from its realized price of US$1,589 per ounce in the first quarter. Copper production, meanwhile, rose to 120 million pounds from 115 million in the first quarter, and the average market price was US$2.43 per pound, up from a realized price of US$2.23 in the first quarter.

Kirkland Lake Gold Ltd. (TSX:KL). Down $1.06, or 1.7 per cent, to $59.84. Kirkland Lake Gold Ltd. says it will cut up to 255 staff positions due to a pandemic-related suspension of operations at its Holt Complex in northern Ontario. The Toronto-based company says it has reassigned about 220 of the complex's 475 workers elsewhere within its Canadian organization since the suspension began in April. However, Kirkland Lake Gold says it now believes that the best course of action is to provide severance packages for the remaining employees who can't be reassigned. The mining and milling complex near Matheson, Ont., was designated as non-core to Kirkland Lake Gold's business in mid-February. That was followed by a suspension of operations as of April 2 under protocols that Kirkland Lake Gold put into effect to combat the COVID-19 pandemic. The Holt, Taylor and Holloway mines and Holt mill accounted for nearly 12 per cent of the 975,000 ounces produced last year by Kirkland Lake Gold, according to its website.

This report by The Canadian Press was first published July 16, 2020.

The Canadian Press




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