TORONTO — Some of the most active companies traded Monday on the Toronto Stock Exchange:
Toronto Stock Exchange (20,206.41, up 106.60 points.)
Western Energy Services Corp. (TSX:WRG). Energy. Down one cent, or 28.6 per cent, to 2.5 cents on 36.3 million shares.
Enbridge Inc. (TSX:ENB). Energy. Up 68 cents, or 1.2 per cent, to $57.24 on 32.5 million shares.
Manulife Financial Corp. (TSX:MFC). Financials. Down two cents, or 0.1 per cent, to $22.50 on 21.3 million shares.
Suncor Energy Inc. (TSX:SU). Energy. Up $1.26, or 2.7 per cent, to $48.18 on 12.5 million shares.
Cenovus Energy Inc. (TSX:CVE). Energy. Up 50 cents, or 1.9 per cent, to $26.51 on 9.1 million shares.
Crescent Point Energy Corp. (TSX:CPG). Energy. Up 40 cents, or 4.4 per cent, to $9.59 on 8.3 million shares.
Canadian home sales — Increasing mortgage rates slowed home sales in April from the frenzied pace they started the year at, the Canadian Real Estate Association said Monday. The association found the number of homes sold dropped by 25.7 per cent to 54,894 last month from 73,907 in April 2021, when the country set a record for the month. On a month-over-month basis, sales in April were down 12.6 per cent compared with March, but still ranked as the third-highest April sales figure, just behind 2021 and 2016. CREA attributed much of the slowdown to fixed mortgage rates, which have been on the rise since 2021, but have been more impactful in recent months. The association pointed out that typical discounted five-year fixed rates have leaped from about three to four per cent over the span of a month. The rate is also weighing on how buyers fare with the mortgage stress test, which oncerequired those with uninsured mortgages — borrowers with a down payment of at least 20 per cent — to carry a mortgage rate of either two percentage points above the contract rate, or 5.25 per cent, whichever is greater.
Economic indicators — Canadian manufacturing sales and wholesale trade figures climbed higher in March, but the gains came due to higher prices. Statistics Canada said Monday manufacturing sales rose 2.5 per cent to $70.2 billion in March, but sales in constant dollars were unchanged. Meanwhile, wholesale sales rose 0.3 per cent in March to $79.8 billion, but in constant dollar terms sales fell 0.6 per cent for the month. Nikita Perevalov, director of economic forecasting at Scotiabank, said the disappointing figures sowed some doubts about the durability of Canadian economic growth. Statistics Canada said the gain in manufacturing sales was led by the petroleum and coal product industry, which increased 9.1 per cent in March as higher prices offset a one per cent drop in volumes sold. The gains in wholesale sales came as the building material and supplies sector rose 3.8 per cent to $14.1 billion, while the motor vehicle and motor vehicle accessories and parts subsectors gained 2.6 per cent at $11.8 billion.
This report by The Canadian Press was first published May 16, 2022.
The Canadian Press