Canada’s main stock index jumped 441.29 points, or 1.24 per cent, to 35,973.57 in early trading Wednesday, according to Yahoo Finance, as bank shares rallied on hopes that a stronger Democratic hand in Congress could ease trade tension with the United States. TMX Money showed the S&P/TSX composite index at 35,971.27 at 9:32 a.m. ET.
The index closed Tuesday at 35,532.28, down 268.81 points, and opened Wednesday at 35,879.03, TMX Money data showed. TMX lists the index’s year-to-date return at 12.044 per cent. These are intraday figures from delayed quote pages, and they will change through the session.
Trading Economics said futures tracking Canadian stocks rose as U.S. Democrats looked mostly certain to regain control of both chambers of Congress. It said a Democratic majority could constrain some of President Donald Trump’s trade policy decisions. Our pre-market look at the TSX set out the earnings and takeover news traders were weighing.
Banks led the move. Royal Bank of Canada (TSX:RY) rose 1.78 per cent to $290.50 and Bank of Nova Scotia (TSX:BNS) gained 1.79 per cent to $133.52, Yahoo Finance quotes showed. Trading Economics data showed Toronto-Dominion Bank (TSX:TD), Bank of Montreal (TSX:BMO) and Canadian Imperial Bank of Commerce (TSX:CM) also higher.
Energy was the weak spot. Suncor Energy Inc. (TSX:SU) fell 4.36 per cent to $100.83 at 9:33 a.m. ET on Yahoo Finance, a day after it reported third-quarter net earnings of $3.8 billion and raised its dividend 10 per cent, The Canadian Press reported, as we noted before the open. December crude oil was down 3.23 per cent at US$92.99 a barrel on Yahoo Finance’s market summary, while December gold was up 2.72 per cent at US$4,047.50 an ounce, a move that can support mining shares.
Cenovus Energy Inc. (TSX:CVE) reported earnings before the open. The oilsands producer posted third-quarter net earnings of $3.36 billion on record production above one million barrels of oil equivalent a day. Yahoo Finance did not yet show a Wednesday price for Cenovus when this story was written.
In the United States, the Dow Jones industrial average was up 1,083.68 points, or 2.09 per cent, at 52,870.40, the S&P 500 was up 83.55 points, or 1.10 per cent, at 7,652.47, and the Nasdaq composite was up 246.19 points, or 0.97 per cent, at 25,618.20, Yahoo Finance showed. Those changes are measured from Tuesday’s closes, which came a day after Shopify’s results weighed on Toronto tech stocks.
| TSX at a glance (9:33 a.m. ET, Wednesday, Nov. 4) | Level | Change |
|---|---|---|
| S&P/TSX composite | 35,973.57 | +441.29 (+1.24%) |
| S&P/TSX 60 | 2,366.39 | +1.25% |
| S&P/TSX Venture composite | 810.30 | +1.96% |
| Dow Jones industrial average | 52,870.40 | +1,083.68 (+2.09%) |
| S&P 500 | 7,652.47 | +83.55 (+1.10%) |
| Nasdaq composite | 25,618.20 | +246.19 (+0.97%) |
| December crude oil | US$92.99 a barrel | -3.23% |
| December gold | US$4,047.50 an ounce | +2.72% |
| Canadian dollar | 71.69 cents US | +0.41% |
Index levels and prices come from TMX Money, Yahoo Finance and Trading Economics, as noted, and were read at 9:32 and 9:33 a.m. ET. Our closing wrap follows after the 4 p.m. ET close.
If you find reporting like this useful, consider supporting Canada News Media, an independent Canadian newsroom with no corporate parent.
This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.
Follow Canada News Media
Get the day's top Canadian stories and our two daily 60-second news videos wherever you scroll.
X Threads Facebook Instagram LinkedIn TikTok YouTube Pinterest Reddit Substack Flipboard Newsletter RSS
