TORONTO — Some of the most active companies traded Thursday on the Toronto Stock Exchange:
Toronto Stock Exchange (21,058.18, down 146.98 points.)
Suncor Energy Inc. (TSX:SU). Energy. Down 23 cents, or 0.6 per cent, to $35.32 on 7.3 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Down 15 cents, or 0.8 per cent, to $18.43 on 7.2 million shares.
Enbridge Inc. (TSX:ENB). Energy. Down 44 cents, or 0.8 per cent, to $52.28 on 6.7 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down five cents, or 0.2 per cent, to $25.61 on 5.7 million shares.
Royal Bank of Canada (TSX:RY). Financials. Down $1.69, or 1.2 per cent, to $145.31 on 5.7 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Down 17 cents, or 2.1 per cent, to $8.00 on 4.9 million shares.
Companies in the news:
Enbridge Inc. — Canada’s largest oil and gas industry group says capital spending in the oilpatch will hit $32.8 billion this year, a 22 per cent increase from the year before but still a far cry from the boom-time levels of investment a decade ago. According to the Canadian Association of Petroleum Producers (CAPP), capital spending in the industry will grow by $6 billion this year compared to an estimated total investment of $26.9 billion in 2021. It’s positive news for an industry that has now essentially recovered to its pre-pandemic levels, after a disastrous 2020 that saw oil prices collapse due to the impact of COVID-19 on global demand. But CAPP president Tim McMillan pointed out that in spite of the fact that oil prices are at seven-year highs and companies are recording record cash flows, capital investment remains well below what it was during the industry’s boom years. In 2014, for example, capital investment in the Canadian oilpatch hit an all-time record high of $81 billion, capturing 10 per cent of total global upstream natural gas and oil investment. Investment in conventional oil and natural gas is forecast at $21.2 billion in 2022, according to CAPP, while growth in oilsands investment is expected to increase 33 per cent to $11.6 billion this year.
This report by The Canadian Press was first published Jan. 20, 2022.
The Canadian Press