TSX Up Sharply As Investors React To Earnings, U.S. Midterm Election Outcome

(RTTNews) - The Canadian market is up firmly in positive territory Wednesday morning, supported by strong gains in materials, financials, communications and consumer sectors. Technology and real estate stocks are also finding good support.

Energy stocks are down sharply as oil prices declined sharply.

The mood in the market is quite positive amid hopes of easing trade tensions between Canada and the U.S., following the Democrats regaining control of both chambers of Congress in the US, beating the Republicans in the midterm polls.

Firm precious metals prices and some encouraging corporate earnings updates also contribute to market's move up north.

The benchmark S&P/TSX Composite Index was up 605.05 points or 1.7% at 36,137.33 a little while ago.

The Materials Capped Index is up 4.5%. Discovery Mining is soaring 9%. Novagold, Aya Gold & Silver, Equinox Gold Corp, Snowline Gold Corp., G Mining Ventures, Endeavour Silver Corp, Centerra Gold, Avino Silver & Gold Mines, Agnico Eagle Mines, Barrick Mining, Allied Gold Corporation, Alamos Gold, B2Gold Corp., Kinross Gold and Perpetua Resources are up 6%-8%.

In the financials sector, Fairfax Financial Holdings jumped 9%, buoyed by stronger-than-expected third-quarter. The company's adjusted earnings per share of $43.32 in the third quarter, higher than an expected EPS of $40.53. Third quarter revenue came in at $9.11 billion, compared with $8.26 billion a year ago.

Intact Financial Corporation moved up 6.7% despite a drop in third-quarter earnings, compared to the year-ago quarter.

Brookfield Asset Management, Definity Financial Corporation, Sprott, Brookfield Corporation, Sprott, EQB, National Bank of Canada, Royal Bank of Canada and Bank of Nova Scotia and Toronto-Dominion Bank are up 1.5%-4%.

Tilray, Thomson Reuters, Aritzia, Canada Goose Holdings, Gildan Activewear, Air Canada, Restaurant Brands International, Boyd Services, FirstService, Open Text Corporation, TransAlta and Ballard Power Systems are among the several gainers from other sectors.

Vermilion Energy tanked 10% after reporting a loss of $0.23 per share in the third quarter, compared with earnings per share of $0.02 in the year-ago quarter.

Cenovus Energy is plunging 7% despite posting higher earnings in the latest quarter.

Enerflex, Precision Drilling, Baytex Energy, Canadian Energy Services, Parex Resources, Imperial Oil, Whitecap Resources, Canadian Natural Resources, Birchcliff Energy, Suncor Energy and Tourmaline Oil Corporation are down 3%-7%.

Celestica is down 10%. Stella-Jones is down 7% after reporting earnings per share of $0.93 in the third quarter, sharply down from earnings per share of $1.59 a year ago.

Maple Leaf Foods is down sharply after reporting earnings per share of $0.36 for the third quarter, compared with $0.21 a year ago.

he S&P Global Canada Composite PMI fell to 48.1 in October from 48.7 in September, marking its fifth consecutive month below the neutral 50 threshold and signalling a deterioration in private-sector business conditions

The S&P Global Canada Services PMI Business Activity Index edged down to 48.1 in October 2026 from 48.3 in September, remaining below the 50.0 no-change threshold for a fifth consecutive month

Data from Statistics Canada showed Canada posted a trade surplus of C$5.4 billion in September 2026, the highest since May 2022, widening from the revised C$5 billion in the prior month. Exports rose by 0.2% month-on-month to a record high of C$78.6 billion, while imports dropped 0.3% to C$73.2 billion.