The S&P/TSX Composite Index hovered around the 36,000 level on Thursday, stabilizing after a rally in the previous session driven by the US midterm election results. The Democrats’ gains give them a stronger platform to challenge President Trump’s trade agenda, though they still lack the numbers to override a presidential veto on any move to roll back tariffs or curtail trade authorities.
Among major exporters, Enbridge added 1%, while Nutrien advanced more than 0.5% despite falling short of profit expectations. By contrast, Magna International slipped more than 0.5%, and BRP also edged lower.
Canada’s big banks were little changed, trading mostly flat as a rebound in oil prices rekindled worries about energy-driven inflation. Technology shares underperformed: Shopify dropped nearly 5%, and Celestica slumped 6.5% amid a broader tech sell-off on Wall Street.
Elsewhere, Canadian Natural climbed 1.5% after reporting better-than-expected third-quarter earnings, supported by higher crude prices and stronger production. Mining stocks also advanced, buoyed by rising gold prices.