By John Kipphoff
Dec. 18 (Bloomberg) -- The following companies may have unusual price changes in Canadian trading today. Trading on the Toronto Stock Exchange is scheduled to reopen today after being halted most of yesterday due to a technical problem.
Stock symbols are in parentheses and prices are from trades that took place before the Toronto Stock Exchange suspended trading because of a data dissemination glitch at about 9:48 a.m. yesterday. Stock symbols indicate when prices are from other platforms with greater trading volumes.
There was no quote for the Standard & Poor’s/TSX Composite Index yesterday because of the trading halt. The S&P/TSX rose 3.1 percent to 8,724.11 on Dec. 16.
Banks may move after Moody’s Investors Service Inc. said in a report that a bankruptcy by General Motors Corp., Ford Motor Co. or Chrysler LLC would have a “profound” affect on Ontario. Bank of Nova Scotia, Bank of Montreal and Royal Bank of Canada have the most in loans tied to the auto industry, Moody’s said.
Royal Bank (RY CJ) dropped 1.4 percent to C$34.46 as more than 3.1 million shares changed hands on Pure Trading, an alternative trading platform owned by the Canadian National Stock Exchange. Scotiabank (BNS CN) slipped 1.1 percent to C$29.77. Bank of Montreal (BMO CN) fell 0.6 percent to C$30.16.
BCE Inc. (BCE CN): Canada’s biggest phone company is seeking a C$1.2 billion ($1 billion) breakup fee, accusing the Ontario Teachers’ Pension Plan and private-equity firms in a lawsuit of withdrawing from a takeover prematurely. BCE, Canada’s biggest telecommunications company, filed the complaint yesterday in Montreal, following the Dec. 11 collapse of the C$52 billion deal. The shares rose 3 percent to C$21.95.
CI Financial Income Fund (CIX-U CN): Canada’s second-largest independent mutual-fund company agreed to sell C$210 million ($175 million) in stock to pay debt and boost cash. Participating investors agreed to buy 15 million units of the fund at C$14 each, and will have the option until Dec. 31 to buy 2.25 million more. The shares fell 0.7 percent to C$14.
Canadian Pacific Railway Ltd. (CP CN): The country’s second- largest railroad said it laid off 600 engineers and maintenance workers because some companies have cut back on shipments. The shares rose 1.3 percent to C$42.29.
Finning International Inc. (FTT CN): The world’s biggest dealer in Caterpillar Inc. equipment said it cut more than 500 jobs in Canada and the U.K. as demand waned. The shares fell 2.4 percent to C$12.15.
Kingsway Financial Services Inc. (KFS CN): The insurer said it plans to cut 162 jobs, freeze salaries and eliminate most bonuses in a bid to return to profitability. The shares rose 2.2 percent to C$5.48 in Toronto Stock Exchange composite trading. They added 4.6 percent to $4.76 in New York Stock Exchange composite trading.
Opti Canada Ltd. (OPC CN): The oil-sands producer that’s fallen 89 percent this year sold a stake in the Alberta Long Lake project to partner Nexen Inc. (NXY CN) for C$735 million ($608 million), to meet debt payments. Opti added 1.6 percent to C$1.90. Nexen fell 4.6 percent to C$21.63.
Saputo Inc. (SAP CN): Canada’s biggest cheesemaker was started with a “sector outperform” rating in new coverage by Turan Quettawala at Scotia Capital. The Toronto analyst set a one-year share-price target of C$30. The shares were unchanged at C$21.29 yesterday.
Sun Life Financial Inc. (SLF CN): Canada’s third-largest insurer may bid for U.S.-based units of American International Group Inc., the Globe and Mail reported. Sun Life aims to use the C$2.3 billion ($1.9 billion) the company raised in the sale of its stake in money manager CI Financial Income Fund for acquisitions, the report said, citing people it didn’t identify.
Manulife Financial Corp. (MFC CN), Canada’s biggest insurer, may bid for Japanese units of AIG, the Globe said. Sun Life fell 2 percent to C$24.75. Manulife dropped 3.7 percent to C$20.35.
Thomson Reuters Corp. (TRI CN): The financial news and data provider may sell as much as $3 billion of unsecured debt over the next 25 months, according to a regulatory filing. The shares fell 1.1 percent to C$32.55.
To contact the reporter on this story: John Kipphoff in Toronto at jkipphoff@bloomberg.net.
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