Sasha Jovanovic
7 min read
The Morning Bull – Canadian Market Morning Update Friday, 6 Nov 2026
Canadian equities look set for a cautious open, with the tone driven far more by US labour data than by local headlines. Futures price in a slightly softer start, which fits a market waiting on a binary macro print.
The key number on deck is US October non farm payrolls, with consensus at 65,000 jobs and unemployment at 4.2%. Weekly initial jobless claims sit at 189,000, near a multi decade low, and Q3 productivity rose 3.6% while unit labour costs fell 0.7%.
A mix of firm employment and cooler labour costs matters for Canadian investors because it shapes expectations for the Federal Reserve path, and by extension bond yields, the Canadian dollar and borrowing costs for highly levered businesses.
The unresolved question is simple. If payrolls and wage figures come in hotter than forecasts, does the current market comfort with slower global rate hikes survive the afternoon unchanged, or does that story flip sharply?
Stocks to Watch Before the Opening Bell
Gildan Activewear (GIL)
Gildan Activewear posted Q3 2026 results that combined net sales growth of 61.1% from continuing operations with softer demand across Wholesale and Retail channels. Management completed the sale of HanesBrands Australia and approved a normal course issuer bid for up to 5% of shares. The full year 2026 guidance cut and withdrawn revenue forecast put the focus on demand trends.
Kraken Robotics (PNG)
Kraken Robotics disclosed $102 million in new orders since its last update, bringing 2026 bookings to about $457 million. More than 60% of this intake comes from defense customers, which can indicate longer contract cycles and visibility. The firm expects most recent product orders to turn into revenue within 12 months, and investors can track conversion timing into 2027.
BCE (BCE)
BCE lifted Q3 2026 capital expenditure to C$1.33 billion, a 49.3% increase, with spending directed to Ziply Fiber’s US FTTH rollout and Canadian data centers. Residential fiber broadband net additions reached 67,199, taking FTTH subscriptions to 3.70 million. The telecom group kept its 2026 capital intensity guidance at about 20%, and readers can watch how that higher build level shapes future cash needs.
Top Movers
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Topicus.com (TSXV:TOI) jumped 7.39% after Q3 results showed higher revenue, a swing to profit, and ongoing acquisitions.
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Torex Resources (TSX:TXR) gained 6.81% as Q3 earnings highlighted strong free cash flow, lower costs, and advancement of growth projects.
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OceanaGold (TSX:OGC) climbed 6.46% following robust Q3 earnings, an Ausgold acquisition announcement, a dividend declaration, and continued project progress.
