TSX today: what to watch on Wednesday, Nov. 4

Futures tracking the S&P/TSX composite index were higher early Wednesday, according to Trading Economics, after Canada’s main stock index fell 268.81 points, or 0.75 per cent, to 35,532.28 on Tuesday. Investors will weigh fresh earnings from Suncor, Fortis and Thomson Reuters, plus two takeover fights.

Trading Economics said futures rose as U.S. Democrats looked mostly certain to regain control of both chambers of Congress, raising hopes of easing trade tension between Canada and the United States. The same report said oil prices edged lower and gold prices climbed, which can support mining shares. Those futures figures are early and can change before the 9:30 a.m. ET open.

Tuesday’s decline was led by technology stocks. Shopify Inc. (TSX:SHOP) shares fell about eight per cent to $200.19, Trading Economics data showed, after the company reported third-quarter results. Shopify reported revenue up 32 per cent to US$3.74 billion, though Trading Economics said gross merchandise volume and subscription revenue grew more slowly than expected.

Oilsands producer Suncor Energy Inc. (TSX:SU) reported third-quarter net earnings of $3.8 billion, or $3.27 per share, up from $1.6 billion a year earlier, and raised its quarterly dividend 10 per cent to 66 cents, The Canadian Press reported. Adjusted operating earnings were $4.6 billion, or $3.97 per share. The company is also among the energy names we followed after Imperial’s comments on the Pathways deal target.

Fortis Inc. (TSX:FTS) said third-quarter profit rose to $474 million, or 92 cents per share, from $409 million, or 81 cents, a year earlier. The utility raised its quarterly dividend to 66.5 cents from 64 cents and said it expects capital spending for 2027 to 2031 to total about $32.2 billion. Thomson Reuters Corp. (TSX:TRI) reported a third-quarter profit of US$339 million, down from US$423 million, on revenue up 10 per cent to US$1.83 billion. Adjusted earnings were 81 US cents per share, up from 71 US cents.

In deal news, Organigram Global Inc. (TSX:OGI) signed an agreement to buy Aurora Cannabis Inc. (TSX:ACB) in a deal that values Aurora at $561 million, The Canadian Press reported. Aurora shareholders can take $7.80 per share in cash, 5.8626 Organigram shares per share, or a mix. Curaleaf Holdings Inc. (TSX:CURA) said Tuesday evening that its enhanced Oct. 6 hostile bid for Aurora remains outstanding. Organigram and Aurora said the deal is expected to close in January 2027, subject to shareholder, regulatory and court approvals.

Separately, Foodtastic Inc. made a public takeover offer of $43 per share in cash, valued at $982 million, for MTY Food Group Inc. (TSX:MTY). MTY’s board has rejected the proposals as not in the best interests of the company or its shareholders, and said Victor Mandel would immediately replace chief executive Eric Lefebvre. MTY shares closed at $32.75 on Monday, The Canadian Press reported.

Here is how markets closed Tuesday, as reported by The Canadian Press and confirmed against Yahoo Finance index data for the TSX:

For yesterday’s pre-market preview, see TSX today: what to watch on Tuesday, Nov. 3.

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This article is for information only and is not investment advice. Speak to a licensed adviser before making investment decisions.