By Ketki Saxena
Investing.com -- The TSX opened moderately positive this morning, tracking Wall Street higher, with investor sentiment today dominated by voting in the US midterm elections. Forecasters and opinion polls suggested a likelihood of a Republican win in the House and possibly in the Senate.
A Republican win is viewed as a more positive by investors and analysts, who anticipate the GOP will curb President Joe Biden's legislative push for greater business regulations, and lead spending cuts to curb inflation.
Further gains on the commodity-heavy Canadian index were capped by worsening COVID-19 outbreaks in China, exacerbating fears of lower demand and dashing hopes of a full Chinese reopening in the near term.
The Biggest Stories on Bay Street
Maple Leaf Foods Inc. reported a third-quarter loss of $229.5 million or $1.86 per share, compared with a profit of $44.5 million or 36 cents per share in the same quarter last year. Sales in the quarter totalled $1.23 billion, up from $1.19 billion in the third quarter of 2021.
After Gold Fields Ltd. waived its right to match the rival bid for Yamana Gold (TSX:YRI) by Pan American Silver Corp (TSX:PAAS). and Agnico Eagle Mines (TSX:AEM) Ltd, The Yamana board says it now unanimously recommends shareholders vote against the Gold Fields offer at the meeting scheduled for Nov. 21.
The public hearing for the proposed Rogers-Shaw merger continues before the competition tribunal. Yesterday, on the first day of the hearing, Rogers pushed back against Canada's competition watchdog, arguing that the deal is "pro-competitive." The tribunal meanwhile reiterated its opposition to the takeover and intention to fully block the deal.
Canadian Stocks Moving Markets This Morning
Top Gainers:
- Trans Alta
- Maple Leaf Foods
- Finning International
Top Losers:
- Home Capital Group
- Algoma Steel
- Bausch Health (TSX:BHC)
In Canadian Economics
No major Canadian Economic data expected