- The TSX Composite closed at 35,801 (+0.26%), with materials as the top sector and energy as the clear laggard on Friday, September 25.
- Gold rose 0.67% to US$4,326.60/oz (≈CAD $6,118/oz) and silver surged 2.06% to US$64.77/oz, lifting TSX precious-metals names broadly.
- WTI crude fell 2.27% to US$92.46/bbl while Brent collapsed 8.56% to US$97.48/bbl, hammering Canadian integrated energy producers by up to 3.5%.
- Monday focus: Canada’s upcoming GDP data, Sunday’s Brent futures open, OPEC+ weekend statements, and gold’s ability to hold above US$4,300/oz.
The S&P/TSX Composite Index closed at 35,801, up 93 points (+0.26%) on Friday, September 25, 2026. It was a bifurcated session: gold miners and copper plays pushed higher through the afternoon, while integrated energy names surrendered ground as crude oil sold off sharply. Volume was moderate heading into the weekend, with overall breadth slightly positive — advancers outnumbered decliners roughly 3-to-2 on the main board.
Winners: Precious Metals and Copper Led the Charge
Gold was the headline commodity of the day, rising US$28.85 (+0.67%) to US$4,326.60/oz — approximately CAD $6,118/oz at the prevailing USD/CAD rate of 1.4143. Senior gold producers on the TSX responded accordingly, with names across the Agnico Eagle, Kinross, and Barrick tier all posting gains of 1.5%–2.8% on the session. Silver was the outperformer across all commodities, surging US$1.31 (+2.06%) to US$64.77/oz (roughly CAD $91.60/oz), lifting intermediate silver streamers and junior explorers alike.
Copper also contributed to the risk-on tone in materials, gaining 0.82% to US$6.7735/lb. Canadian copper developers with projects in B.C. and the Yukon saw above-average volume as the metal flirted with multi-month highs. The broader TSX Materials sub-index was the session’s top-performing sector, adding approximately 1.4% on the day.
Losers: Energy Stocks Battered by Oil’s Sharp Reversal
WTI crude cratered 2.27% to US$92.46/bbl, while Brent fell an eye-catching 8.56% to US$97.48/bbl — the Brent move in particular signals significant demand-side anxiety or a large positioning unwind in the futures market. Canadian integrated producers and oilsands operators bore the brunt: heavyweights in the TSX Energy sub-index shed between 1.8% and 3.5% on the session, making energy the clear worst-performing sector of the day. Pipeline and midstream names fared somewhat better but still closed in the red as sentiment soured across the complex.
Key News Driving the Day’s Moves
The Brent crude collapse — nearly 9% in a single session — dominated trader attention and appeared linked to a combination of demand-forecast downgrades from a major international energy agency and reports of higher-than-expected OPEC+ compliance data circulating in afternoon trade. On the constructive side, gold’s push toward US$4,327/oz was underpinned by a softer U.S. dollar and renewed safe-haven interest ahead of next week’s Federal Reserve commentary calendar. Silver’s 2%+ move added a speculative overlay, with open interest on COMEX silver futures rising sharply through the week. Across the border, the S&P 500 gained 0.51% to 7,743 and the NASDAQ rose 0.48% to 27,069, providing a broadly supportive backdrop for Canadian equities despite the energy drag.
| Asset | Price | Change |
|---|---|---|
| TSX Composite | 35,801 | +0.26% |
| S&P 500 | 7,743 | +0.51% |
| Gold (USD/oz) | $4,326.60 | +0.67% |
| Silver (USD/oz) | $64.77 | +2.06% |
| WTI Crude (USD/bbl) | $92.46 | −2.27% |
| Brent (USD/bbl) | $97.48 | −8.56% |
| Copper (USD/lb) | $6.7735 | +0.82% |
| USD/CAD | 1.4143 | — |
What to Watch Monday, September 28
Energy traders will be watching Sunday evening’s Brent futures open closely — if the sell-off extends, TSX energy names could gap lower at Monday’s open. On the data front, Canada’s GDP print for July is due early in the week and will test whether the Bank of Canada holds its current rate posture. Watch for any OPEC+ weekend communiqués that could clarify whether Friday’s Brent move was technical or fundamental. In precious metals, gold holding above the US$4,300 psychological level through the weekend would be a constructive signal for the miners’ Monday open. Finally, a handful of small-cap TSX-V resource companies are expected to release drill results early next week — any high-grade intercepts in the current gold environment could generate outsized moves.
