Canadian Stocks Poised To Rise On Commodity Strength

(RTTNews) - Canadian stocks are likely to move higher Thursday morning, tracking firm commodity prices and positive cues from European markets. Investors will also react to a slew of corporate earnings announcements, while looking ahead to the jobs data from Canada and the U.S., on Friday.

Canadian Natural Resources reported earnings per share of $1.67 for the third quarter of 2026, compared with $0.86 in the year-ago quarter.

Bombardier reported a 3% rise in quarterly revenue, lifted by record aftermarket sales. The company has also raised its 2026 free cash flow forecast.

Gildan Activewear projects 2026 adjusted earnings in a range of $3.70 to $3.80 per share on net sales between $5.4 billion and $5.5 billion. Previously, the company expected adjusted earnings in the range of $4.65 to $4.75 per share on net sales between $6.0 billion and $6.2 billion.

Wheaton Precious Metals, Pembina Pipeline, IGM Financial, Saputo, Iamgold, Chartwell Retirement Residences, NexGen Energy, Baytex Energy, Altus and Jamieson Wellness are scheduled to report their earnings later in the day.

Bay Street closed on a buoyant note on Wednesday. Materials stocks turned in a fine performance. Stocks from several other sectors too had a good outing.

Positive reaction to the Democrats' victory over the Republicans in the U.S. midterm elections contributed to market's upmove. The shift in Congress has raised hopes that there will be more resistance to the current administration's plans to prolong the conflict with Iran as well as on tariffs.

The benchmark S&P/TSX Composite Index, which traded positive throughout the session, settled with a gain of 809.12 points or 2.28% at 36,341.40.

Asian stocks turned in a mixed performance on Thursday as regional chipmaking shares slumped on expectations of tighter tech oversight.

Technology stocks slumped in South Korea and Japan on concerns that a Democratic-led U.S. Congress could push for tighter regulation of AI development and data center construction, which could lead to a slowdown in capex.

The major European markets are up firmly in positive territory as investors react to a slew of earnings announcements. Easing concerns about inflation and optimism about corporate earnings contribute to the positive mood in the markets.

In commodities, West Texas Intermediate Crude oil futures are up $1.35 or 1.51% at $89.47 a barrel.

Gold futures are gaining $57.00 or 1.37% at $4,130.00 an ounce, while Silver futures are up $0.373 or 0.71% at $52.655 an ounce.