TORONTO Some of the most active companies listed on the Toronto Stock Exchange on Thursday:
Toronto Stock Exchange (19,228.87, up 99.80 points.)
The Supreme Cannabis Co. Inc. (TSX: FIRE). Health care. Up 13 cents, or 49.06 percent, to 39.5 cents on 103.7 million shares.
The Toronto-Dominion Bank. (TSX: TD). Finances. Down 98 cents, or 1.17%, to $ 82.68 on 10.3 million shares.
Bombardier Inc. (TSX: BBD.B). Industrialists. Down two cents, or two percent, to 98 cents on 8.6 million shares.
Suncor Energy Inc. (TSX: SU). Energy. Down nine cents, or 0.34 percent, to $ 26.42 on 8.6 million shares.
TC Energy Corp. (TSX: TRP). Energy. Down 32 cents, or 0.54%, to $ 59.16 on 7.5 million shares.
The Bank of Nova Scotia. (TSX: BNS). Finances. Up 22 cents, or 0.28%, to $ 78.30 on 6.9 million shares.
Companies in the news:
Royal Bank of Canada (TSX: RY). Up to 25 cents to $ 116.80. The head of the Royal Bank of Canada says the federal government should be wary of overspending in its next budget. CEO Dave McKay says Trudeau’s Liberals shouldn’t overdo it and lead to overstimulation. The government will unveil its budget on April 19 as the COVID-19 pandemic continues. After a year of job losses, business closures, extreme pressures on health care, and rent relief and unemployment programs, many expect the government to dig even deeper into its coffers to make sure Canada bounces back. McKay recommended that the government use a strategy from his days as a basketball coach: “read and react”. This means preparing to act when needed, but behaving more cautiously in the meantime. He believes this approach is the best because interest rates are at historically low levels, with $ 220 billion in cash on consumer balance sheets and even more on trade balance sheets.
Canopy Growth Corp. (TSX: WEED). Down $ 1.99, or 5.3%, to $ 35.75. Canopy Growth Corp. continued its recent wave of acquisitions and preparations for potential pot legalization in the United States with a $ 435 million deal to buy Supreme Cannabis Co. Inc. on Thursday. Canopy, based in Smiths Falls, Ont., Said the acquisition will see Supreme Cannabis’ 7Acres, Sugarleaf and Hi-way brands join Canopy’s roster, which already includes Tweed, Tokyo Smoke, Quatreau and Doja. The deal is Canopy’s latest acquisition in a wave of consolidation in the cannabis industry, while looking to see if the United States relaxes marijuana laws after President Joe Biden is elected. Canopy announced last week that it had purchased Ace Valley, a Toronto-based company that manufactures vapes, gums and pre-rolls in an attempt to attract Gen Z and Gen Y. CEO David Klein believes Supreme, based in Toronto, will help Canopy capture a premium market with its flowers, pre-rolls, vapes and edibles.
Postmedia Network Canada Corp. (TSX: PNC.A). The owner of Canada’s largest newspaper group posted net profits of $ 700,000 in the second quarter, an improvement over the same period a year earlier, despite a 21% drop in revenues. Toronto-based Postmedia Network Canada Corp., publisher of the National Post and other dailies, said on Thursday its revenue for the three months ended Feb. 28 was $ 106 million, up from $ 134.2 million a year earlier before the economic impact of COVID-19. was a major factor. Postmedia’s second quarter profit for this fiscal year was one cent per share and compared to a net loss of $ 12.8 million or 14 cents per share a year earlier. The company said the change was mainly due to gains on derivative financial instruments and foreign exchange, higher operating income and lower expenses, partially offset by an impairment charge of $ 7 million. The revenue decline was attributable to a 29% drop in print advertising, a 21% drop in digital revenue and an 11.6% drop in print revenue.
Roots Corp. (TSX: ROOT). Up 42 cents, or 13.3%, to $ 3.58. Roots Corp. reported strong earnings in its most recent quarter, as strong online sales and demand for its premium comfort clothing offset the impact of pandemic-related store closings and lower overall sales. The outdoor retailer said Thursday it made a fourth quarter profit of $ 12.3 million, even as sales during the traditionally strongest period for the company climbed to 99, $ 4 million, up from $ 127.5 million in the same quarter last year. The company, known for its high-end branded sweatshirts and leather goods, saw a 60% increase in online sales in the quarter. The company recently launched a retro collection, which features the brand’s athletic logo from the late 1980s and is marketed with the slogan “classic comfort is making a comeback”. Despite the company’s growing shift to online, Meghan Roach, CEO, said physical Roots stores remain a priority for the retailer. The result compares to a loss of $ 44.6 million or $ 1.06 per share a year earlier when the company took on a large goodwill charge.
This report by The Canadian Press was first published on April 8, 2021.
The Canadian Press