TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (14,780.74, down 447.37 points.)
Bombardier Inc. (TSX:BBD.B). Industrials. Up one cent, or 2.08 per cent, to 49 cents on 19.8 million shares.
Baytex Energy Corp. (TSX:BTE). Energy. Up half a cent, or 1.14 per cent, to 44.5 cents on 15.1 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up five cents, or one per cent, to $5.05 on 14.9 million shares.
Whitecap Resources Inc. (TSX:WCP). Energy. Up 26 cents, or 16.56 per cent, to $1.83 on 11.4 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Down $1.65, or 6.23 per cent, to $24.82 on 11.4 million shares.
Bank of Montreal (TSX:BMO). Financials. Down $4.07, or 5.44 per cent, to $70.77 on 10 million shares.
Companies in the news:
Molson Coors Beverage Co. (TSX:TPX.B). Down $5.87, or 8.6 per cent, to $62.38. Molson Coors Beverage Co. said it expects a challenging second quarter due to the COVID-19 pandemic. CEO Gavin Hattersley says the first quarter was unlike any in its company's long history. He noted two significant events that occurred as the company came out of a restructuring: a deadly shooting at its Milwaukee brewery in February and the coronavirus. The company is no longer measuring its progress against the five components of its revitalization plan, but rather two new metrics that involve protecting employees and mitigating short-term impacts, and positioning the business to succeed in what the new normal looks like after the pandemic subsides.
Whitecap Resources Inc. — Oil producer Whitecap Resources Inc. says it is planning for "involuntary shut-ins" of production as North American crude storage levels threaten to exceed capacity and commodity prices remain at low levels. The Calgary-based company announced Thursday it has decided to shut down low profitability wells producing about 2,000 barrels of oil equivalent per day but is confident it can pull as much as 50,000 boe/d off the market if buyers can no longer be found for it.
Precision Drilling Corp. (TSX:PD). Up nine cents, or 13.6 per cent, to 75 cents. The deep downturn in North American oil and gas drilling has resulted in nearly 3,000 fewer employees working for Precision Drilling Corp. now than at the same time last year, its CEO said Thursday. The company has about 1,800 fewer employees on its U.S. rigs, with just 35 rigs working now versus about 80 last year, CEO Kevin Neveu estimated on a conference call to discuss first-quarter results. In Canada, where only 11 rigs are currently operating, the head count is down about 1,000 employees, he added. Drilling is an industry where workers are frequently laid off for seasonal and cyclical reasons, but Neveu said this downturn is worse than most.
This report by The Canadian Press was first published April 30, 2020.
The Canadian Press
