- The TSX Composite closed at 35,697, up 0.54%, led by materials stocks as gold hit US$4,391/oz and copper surged 1.25% to US$6.5480/lb.
- Silver outperformed precious metals peers with a 0.99% gain to US$64.92/oz, lifting Pan American Silver and other TSX-listed producers notably higher.
- WTI crude dropped 1.99% to US$100.44/bbl on a surprise U.S. inventory build, dragging Cenovus Energy down roughly 2.3% and pressuring the energy sector broadly.
- Monday’s key catalysts include Canadian housing starts, Chinese economic data overnight, and potential OPEC+ commentary following Friday’s sharp oil selloff.
The S&P/TSX Composite Index closed at 35,697, up 192 points or +0.54% on Friday, September 11, 2026, in a session that rewarded patience for commodity bulls outside the energy patch. Volume was above the 30-day average, reflecting active repositioning heading into the weekend, with breadth leaning positive — roughly 60% of TSX-listed names finishing in the green.
Winners: Gold, Silver, and Copper Stocks Shine
Materials was the clear sector leader, powered by gold at US$4,391/oz (+0.61%) — equivalent to approximately C$6,086/oz at today’s USD/CAD rate of 1.3858 — and silver surging to US$64.92/oz (+0.99%), or roughly C$89.97/oz. Copper also extended its rally to US$6.5480/lb (+1.25%), a multi-month high that buoyed base-metal producers across the board. Agnico Eagle Mines (AEM.TO) was among the standout performers, adding approximately +2.1% on the session, while First Quantum Minerals (FM.TO) surged roughly +3.4% on the copper strength. Pan American Silver (PAAS.TO) climbed an estimated +2.7%, tracking silver’s outperformance among precious metals.
Canadian technology names also caught a tailwind from Wall Street, where the NASDAQ rose 0.96% to 26,333 and the S&P 500 gained 0.86% to 7,657. The broader risk-on tone encouraged buying in mid-cap Canadian software and AI-adjacent names on the TSX Venture Exchange as well.
Losers: Energy Stocks Pressured by Crude Selloff
Energy was the session’s biggest drag, with WTI crude falling 1.99% to US$100.44/bbl and Brent dropping 2.63% to US$104.80/bbl — the sharpest single-day decline for oil in over six weeks. The selloff was attributed to a combination of a surprise build in U.S. crude inventories reported earlier this week and renewed demand-side concerns out of Asia. Canadian Natural Resources (CNQ.TO) shed approximately -1.8%, while Cenovus Energy (CVE.TO) fell an estimated -2.3%. Smaller oil sands producers on the TSX-V saw even steeper intraday declines before partially recovering into the close.
| Asset / Index | Level / Price | Day Change | CAD Equiv. |
|---|---|---|---|
| TSX Composite | 35,697 | +0.54% | — |
| Gold (spot) | US$4,391/oz | +0.61% | ~C$6,086/oz |
| Silver (spot) | US$64.92/oz | +0.99% | ~C$89.97/oz |
| Copper | US$6.5480/lb | +1.25% | ~C$9.07/lb |
| WTI Crude | US$100.44/bbl | -1.99% | ~C$139.19/bbl |
| Brent Crude | US$104.80/bbl | -2.63% | ~C$145.24/bbl |
| USD/CAD | 1.3858 | — | — |
What Drove the Day
The dual narrative of metals strength versus crude weakness defined Friday’s tape. Precious metals continued to benefit from persistent central-bank buying globally and ongoing uncertainty around U.S. fiscal policy, keeping gold near record territory. Copper’s move above US$6.50/lb reflects tightening supply expectations tied to ongoing mine disruptions in South America. On the bearish side for oil, traders pointed to a larger-than-expected U.S. crude inventory build and softening PMI data from key Asian economies as catalysts for the selloff — a reminder that WTI above US$100 remains contested territory.
What to Watch on Monday, September 14
Investors returning Monday should watch for Canadian housing starts data due pre-market, which will offer fresh signals on whether elevated mortgage rates continue to cool construction activity. Overnight, Chinese industrial production and retail sales figures for August drop Sunday evening ET — a key read for base metals demand, including copper and zinc. On the earnings front, several Canadian mid-cap miners are expected to report quarterly results early next week, keeping the materials sector in focus. Finally, oil traders will be watching weekend commentary from OPEC+ members following today’s sharp decline in crude — any hints at production adjustments could set the tone for energy stocks at Monday’s open.
