The TSX Climbed More Than 2% Today, but Canada's Earnings Season Tells a Fuller Story
TORONTO, Nov. 4, 2026 /CNW/ -- Canada News Group News Commentary - Canadian stocks joined a broad rally on Wednesday. As of 3:00 p.m. ET, the S&P/TSX Composite Index was up 785.39 points, or 2.2%, at 36,317.67. Active Companies from around the markets with current developments this week include: Thomson Reuters Corporation (TSX/Nasdaq: TRI), Fairfax Financial Holdings Limited (TSX: FFH), Teck Resources Limited (NYSE: TECK), Canadian Pacific Kansas City Limited (NYSE: CP), and Rogers Communications Inc. (NYSE: RCI).
Wall Street rallied too. At the same moment, the Dow Jones Industrial Average was up 1,543.75 points, or 3.0%, at 53,330.47. The S&P 500 was up 1.7% at 7,696.30, and the Nasdaq Composite was up 1.7% at 25,795.18.
The rally follows Tuesday's U.S. elections. But investors in Toronto had plenty of their own news to sort through, including a busy run of quarterly reports from Canadian companies across several sectors.
The loonie was a little firmer, too. The U.S. dollar was at 1.3971 Canadian dollars as of 3:00 p.m. ET, compared with 1.4007 at the prior close.
Here's the thing. The TSX was already well up over the past year before today's move.
As of 3:00 p.m. ET, the index stood roughly 22% above its close of 29,777.82 on Nov. 4, 2025, one year earlier, and about 2% below its 52-week intraday high of 37,069.11, set on Aug. 26, 2026, based on exchange data.
When the TSX moves 2% in a day, can you tell a real breakout from a one-day spike?
Our sister site, Stock Preachers, offers a free 27-page guide, Knowledge is Power, on the two skills every trade comes down to: reading the news and reading the chart.
Get the free guide at canadanewsgroup.com »
Two companies reported results on Tuesday, a day before the rally
Thomson Reuters Corporation (TSX/Nasdaq: TRI) reported on Nov. 3 that third-quarter revenues rose 10% to $1,833 million from $1,658 million, in U.S. dollars. Organic revenues were also up 10%.
The company closed the sale of a 51% stake in its Global Print business to capital accounts advised by KKR on Oct. 1. It updated its full-year 2026 outlook to exclude Global Print and now calls for total revenue growth of approximately 9.5%. Thomson Reuters shares were up 7.3% at US$118.19 on Nasdaq as of 3:00 p.m. ET.
"We are pleased with our third-quarter momentum, as revenue growth and margins came in ahead of our prior expectations," said Steve Hasker, President and CEO of Thomson Reuters.
Fairfax Financial Holdings Limited (TSX: FFH) reported on Nov. 3 third-quarter net earnings of $929.6 million, or $43.32 per diluted share, compared with $1,151.7 million, or $52.04 per diluted share, a year earlier. Fairfax reports in U.S. dollars.
However, book value per basic share rose to $1,349.15 at Sept. 30 from $1,260.19 at Dec. 31, 2025, and Fairfax said gross premiums written increased by 9.3% in the third quarter. Fairfax shares were up 9.6% at C$2,728.37 on the TSX as of 3:00 p.m. ET.
"As discussed during our conference call on October 15, 2026 we are very excited to be selected by the Government of India to be the purchaser of the Government's interest in IDBI Bank," said Prem Watsa, Chairman and Chief Executive Officer of Fairfax, in the release.
A miner and a railroad reported the week before, with different pressures on each
Teck Resources Limited (NYSE: TECK) reported on Oct. 28 that third-quarter adjusted EBITDA was $2.3 billion, which it said was $1.1 billion or 97% higher than a year earlier. Teck reports in Canadian dollars.
According to Teck, the gain was driven primarily by significantly higher copper and zinc prices, higher by-product revenues and lower smelter processing charges. Teck also said it is advancing toward completion of the planned merger with Anglo American. Teck shares were up 4.1% at US$64.33 on the NYSE as of 3:00 p.m. ET.
"Our third quarter results showcase the underlying strength of our business, with increased production, disciplined execution and record copper prices driving strong financial performance and cash generation," said Jonathan Price, President and CEO of Teck.
Canadian Pacific Kansas City Limited (NYSE: CP), known as CPKC, reported on Oct. 28 that third-quarter revenues increased 15% to $4.2 billion from $3.7 billion, in Canadian dollars. Core adjusted diluted EPS increased 16% to $1.28, and volumes, measured in revenue ton-miles, increased 6%.
Admittedly, not every line improved. CPKC's reported operating ratio increased 130 basis points to 64.8%, and the railroad said higher fuel prices unfavourably impacted that ratio by 170 basis points. CPKC shares were up 3.2% at US$94.12 on the NYSE as of 3:00 p.m. ET.
"CPKC delivered solid results, powered by momentum across our unrivalled North American network, countering macroeconomic headwinds during the quarter," said Keith Creel, CPKC President and Chief Executive Officer.
Not every number in this earnings season pointed the same way
Rogers Communications Inc. (NYSE: RCI) reported on Oct. 23 that total service revenue and adjusted EBITDA each grew 1% in the third quarter. Free cash flow was $1.4 billion, in Canadian dollars, and the company reaffirmed its 2026 outlook.
Rogers also said it became 100% owner of MLSE on Oct. 1. Its wireless service revenue was $2.0 billion, down 1%. Rogers shares were up 3.3% at US$34.47 on the NYSE as of 3:00 p.m. ET.
"Our third quarter results demonstrate strong financial discipline, with margin expansion in Cable and Wireless, record free cash flow, and further deleveraging despite lower market activity," said Tony Staffieri, President and CEO of Rogers.
That's the fuller picture. Lower net earnings at Fairfax, a higher operating ratio at CPKC and softer wireless service revenue at Rogers all sat alongside growth elsewhere in the same reports.
One session rarely settles anything. A broad rally can lift many stocks at once, and investors may want to separate the index move from what each company actually reported. Those releases will still be on the record after today's session closes.
Want to read the next move on the TSX yourself?
Before you act on the next big market day, it helps to know what the chart is saying.
Stock Preachers' free guide covers support and resistance, trendlines, the indicators that matter, chart patterns, penny stocks and small caps, and risk and a trading plan, in 10 plain-English chapters. Subscribers also receive The Roadmap every Monday, Wednesday and Friday. It's free, and you can unsubscribe anytime.
Get the free guide at canadanewsgroup.com »
Contact Information:
Media Contact: [email protected]
DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is not a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances.
This article is independent news commentary. Canada News Group is wholly owned and operated by Market Equities Limited ("MEL"), a company incorporated under the laws of Ireland. MEL has not been paid by any company mentioned in this article. MEL and its owners, operators, directors, and affiliates do not currently own any shares of the companies mentioned in this article, but reserve the right to, and will, buy and sell shares of those companies at any time without further notice. Index, currency and stock prices are from exchange data as of 3:00 p.m. ET on Nov. 4, 2026; S&P/TSX Composite Index history is based on daily exchange data. Information is drawn from company news releases and filings, government and industry data, published reporting and third-party data believed to be reliable, but its accuracy is not guaranteed. Investing in securities carries risk, including the loss of some or all of your investment. This document is governed by the laws of Ireland.
SOURCE Canada News Group
Share this article