TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Toronto Stock Exchange (13,038.50, up 350.76 points.)” data-reactid=”13″>Toronto Stock Exchange (13,038.50, up 350.76 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Down three cents, or 6.59 per cent, to 42.5 cents on 17.5 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $2.54, or 15.46 per cent, to $18.97 on 15.6 million shares.
Canadian Natural Resources Ltd. (TSX:CNQ). Energy. Up $2.40, or 18.02 per cent, to $15.72 on 15.5 million shares.
Aurora Cannabis Inc. (TSX:ACB). Health care. Down 17 cents, or 11.64 per cent, to $1.29 on 15.2 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up six cents, or 2.55 per cent, to $2.41 on 11.4 million shares.
MEG Energy Corp. (TSX:MEG). Energy. Up 27 cents, or 22.13 per cent, to $1.49 on 11.4 million shares.
<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Companies in the news:” data-reactid=”20″>Companies in the news:
Transat AT. (TSX:TRZ). Down 74 cents or 7.8 per cent, to $8.75. The Competition Bureau’s warning about Air Canada’s proposed takeover of Transat AT Inc., which owns Air Transat, should be taken in context, analysts say. The watchdog said Friday that eliminating the rivalry between the two Montreal-based carriers would discourage competition by prompting higher prices and fewer services. Desjardins Securities analyst Benoit Poirier said he believes the purchase will still be approved “considering the companies’ willingness to address the bureau’s competition concerns,” such as potential dominance of airport slots.
Canadian Imperial Bank of Commerce (TSX:CM). Up $1.33 to $79. An Ontario Superior Court judge has ruled against the CIBC in an overtime class-action lawsuit filed more than a decade ago. Judge Edward Belobaba found the bank liable for breaching its overtime obligations to a class of about 31,000 current and former tellers, personal bankers and other front-line workers in branches across Canada.
Canadian Apartment Properties Real Estate Investment Trust. (TSX:CAR.UN). down 23 cents to $41.90. Some of Canada’s biggest landlords say they’re committed to working with tenants who have lost their job because of the coronavirus pandemic. Mark Kenney, CEO of Canadian Apartment Properties Real Estate Investment Trust, says the company is committed to working with those who have suddenly lost their job, and is “violently against” evicting anyone who’s in distress.
Freshii Inc. (TSX:FRII). Down one cent to $1.23. Freshii Inc. is delaying the filing of its latest financial results as it deals with the COVID-19 pandemic and its impact on its restaurants and franchise partners. The company says it has also temporarily “streamlined its head office workforce” in a move to cut costs. It did not say how many people were affected. Freshii says the COVID-19 pandemic is expected to have a material impact on its business, operations and financial performance for at least the first half of 2020.
Parkland Fuel Corp. (TSX:PKI). Up 85 cents or 3.5 per cent to $25.05. Parkland Fuel Corp. is cutting its 2020 capital spending budget by 52 per cent and trimming executive salaries in response to the uncertain economic impact of the novel coronavirus. The Calgary-based company, which sells fuel through more than 2,600 service stations throughout Canada and in the United States and Caribbean, says it plans to spend $275 million this year, down from its earlier guidance of $575 million.
Air Canada (TSX:AC). Down 67 cents or four per cent to $1608. Air Canada will temporarily lay off more than 15,000 unionized workers beginning this week as the airline struggles with fallout from the COVID-19 pandemic. The layoffs will continue through April and May amid drastically reduced flight capacity from the Montreal-based airline. Air Canada says the two-month furloughs will affect about one-third of management and administrative and support staff, including head office employees, in addition to the front-line workers.
This report by The Canadian Press was first published March 30, 2020.
The Canadian Press
Alberta partners with fast-food chains to offer free masks at drive-thrus – CBC.ca
Albertans will be able to pick up free non-medical masks from the drive-thrus of A&W, McDonald’s and Tim Hortons starting in early June.
The Alberta government is distributing 20 million masks meant to help limit the spread of COVID-19, said Health Minister Tyler Shandro during a press conference Friday.
The masks are for situations where physical distancing is difficult to maintain, such as on public transit or while shopping, Shandro said.
“We recognize that as the province relaunches and we all adapt to our new normal, we all may sometimes find ourselves in a situation where physical distancing may not be possible.”
The province is distributing the masks through the three restaurant chains because they provide an ease of access, said the province’s health minister.
“We chose this method, quite honestly, because these partners have access through these 600 sites to about 95 per cent of our population,” Shandro said. “These three partners are doing it without expense to the Alberta taxpayer.”
Each Albertan is allowed one package of four masks, while supplies last. The masks also come with instructions on how to wear and dispose of them. No purchase is necessary.
“This is not meant to provide Albertans with an unlimited supply,” Shandro said. “We’re encouraging people to source their own masks on an ongoing basis.”
The province will also look at other ways to distribute the masks, like at high-risk transmission areas such as transit and places of worship, for people who can’t access one of the drive-thru locations.
A budget of $350,000 has been set aside to fill the gap in distribution, Shandro said.
The province is also working with municipalities, First Nations communities, Métis settlements and local agencies to distribute the non-medical masks to those who need them.
Canadian Stocks to Buy With Wide Moats – The Motley Fool Canada
Investing in companies with wide moats is one of the best ways to build a portfolio of high-quality companies. In times of significant volatility, finding Canadian stocks to buy with a strong competitive advantage can protect against considerable downside.
If you take a quick glance at the list, you will find some of the best blue-chip companies in the country. Outside of those in the financial sector, most have outperformed the S&P/TSX Index during this pandemic. The odds are that they will continue to outperform in the event the country sees a second wave and more economic hardship.
With that in mind, I consider them the top Canadian stocks to buy to protect your portfolio against considerable losses.
A top utility
Despite poor earnings, pulled guidance, and increasing uncertainty, the markets are showing strength. Over the past month, the S&P/TSX Index is up by 5.05%. In contrast, utilities are showing weakness. Case in point, Fortis (TSX:FTS)(NYSE:FTS) is now down by approximately 3% over the same period.
Despite the recent underperformance, Fortis is holding up quite well during this pandemic. The stock price is only down 3.66% year to date, far outperforming the 11.66% loss of the Index.
The company remains one of the best defensive stocks on the TSX and is a top Canadian stock to buy. This has proven to be true regardless of economic condition. We are in an era of low interest rates, which is a positive for utilities. It means lowering borrowing costs and higher profitability.
Fortis has consistently outperformed the TSX. Over the past decade, it has more than tripled the returns of the index. The company also has an attractive yield (3.71%) and the second-longest dividend-growth streak in the country (46 years). It expects to grow the dividend by 6% annually through 2024.
Analysts have a one-year price target of $59.45, which implies 14.5% upside from today’s price of $51.91 per share. It is trading at only 13.82 times earnings, well below historical and industry averages.
Fortis is a top Canadian stock to buy. It provides reliable income and steady growth at reasonable valuations.
A top-performing Canadian stock to buy
When it comes to recent and yearly performance, one of the top companies has been Canadian Pacific Railway (TSX:CP)(NYSE:CP). As one of the two largest railways in Canada, it is easy to quantify and understand CP Rail’s considerable moat.
Year to date, the company’s stock price is up by 3.98%, and it has a one-year return of 14.95%. Over the past decade, shareholders have seen their investment handily beat the market, with total gains of 507%.
Despite a slowdown in economic activity, analysts still expect the company to post positive earnings growth in 2020. Looking beyond this year, the expectation is for earnings growth in the low teens. This makes it one of the fastest-growing blue-chip companies on the TSX Index.
As of writing, the company is trading in line with the estimating one-year target of $345 per share. It is also trading in line with its historical valuations. However, the company rarely trades at a big discount. This makes CP Rail a rare Canadian stock to buy at any point in time.
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Laurentian slashing dividend 40% in rare move for a Canadian lender – BNNBloomberg.ca
Laurentian Bank of Canada announced an uncommon move for a Canadian bank on Friday by sharply reducing its payout to investors.
Effective with the payment in August, Laurentian’s quarterly dividend will fall 40 per cent to $0.40 per share.
The bank justified the decision by saying it will provide greater flexibility to support its strategic plan and bolster its balance sheet.
“We have a strong capital and liquidity position, and disciplined risk management, but it is a time for prudence,” said CEO François Desjardins in a release.
“Although we believe that current earnings are not reflective of the future earnings power of the organisation, we have reduced the dividend to $0.40 per share which improves operational flexibility until we reap the anticipated benefits of our strategic plan.”
Laurentian on Friday also reported a 79 per cent drop in fiscal second-quarter net income as profit fell to $8.9 million for the three-month period ending April 30.
The Montreal-based bank said it booked $54.9 million in provisions for credit losses during the quarter, compared to $9.2 million a year earlier.
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