Deals
Enbridge Rises as $1.2 Billion Share Sale Eases Funding Concerns
- Pipeline giant reduces top end of dividend growth forecast
- Company identifies C$10 billion of non-core assets to sell
Photographer: Daniel Acker/Bloomberg
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Enbridge Inc., North America’s largest pipeline operator, posted its biggest stock surge in almost two years after a share sale and lowered dividend-growth forecast eased concerns about its ability to finance new projects.
The stock advanced as much as 8.3 percent to C$49.80 on Thursday in Toronto, the largest intraday gain since January 2016. Calgary-based Enbridge had slid 19 percent this year through Wednesday, compared with a 13 percent decline for the S&P/TSX energy index.