TSX Closes at 35,944 as Gold Miners Surge and Energy Drags

The TSX Composite closed at 35,944 on Monday, October 26, 2026, up 0.44% on the session — a solid if unspectacular gain that masked a sharp divide between the resource sectors driving the day. Volume was modestly below the 30-day average, typical for a Monday session ahead of a heavy earnings week, suggesting conviction was measured rather than euphoric.

Winners: Gold, Silver, and Copper Light Up the Board

Precious metals were the session’s unambiguous heroes. Spot gold climbed to US$4,026.30 per ounce (+0.46%) — roughly C$5,648 at the prevailing USD/CAD rate of 1.4028 — sustaining its position well above the psychologically critical US$4,000 level for a fourth consecutive session. Senior gold producers on the TSX responded in kind: Agnico Eagle Mines (AEM) added 1.9% and Barrick Gold (ABX) rose 1.6%, with both stocks tracking bullion’s intraday move almost tick for tick. Silver’s parallel gain to US$53.94/oz (+0.43%) boosted intermediate silver names, with First Majestic Silver (FR) advancing 2.3% to lead the materials sub-index.

Copper was another bright spot. LME copper settled at US$6.546/lb (+1.08%), its highest close in three weeks, on supply disruption signals out of South America and resilient Chinese demand data released overnight. Canadian copper-exposed names — including Teck Resources (TECK.B), which climbed 2.1% — outperformed the broader index by a comfortable margin. The base metals rally reinforced a broader narrative: global industrial demand is holding firmer than many bears expected entering Q4 2026.

Losers: Crude’s Sharp Slide Hits Energy Hard

WTI crude oil fell US$1.68 to US$101.59/bbl (-1.63%), but the real headline was Brent crude’s punishing 5.37% decline to US$110.45/bbl — one of the sharpest single-session drops for the global benchmark in months. The catalyst: a surprise OPEC+ statement circulated midday suggesting two member nations are in discussions to raise output ceilings above previously agreed levels, rattling traders who had priced in continued supply discipline. Canadian Natural Resources (CNQ) shed 2.4% and Cenovus Energy (CVE) fell 2.8%, making energy the TSX’s worst-performing sector by a wide margin. Smaller oil-sands operators and oil-weighted royalty companies saw similar pressure, with the TSX Capped Energy Index declining an estimated 2.1% on the day.

Broader Context: North American Equities Grind Higher

South of the border, U.S. markets outpaced the TSX. The S&P 500 closed at 7,677 (+0.70%) and the NASDAQ settled at 26,169 (+0.82%), buoyed by a continued rotation into large-cap technology names ahead of mega-cap earnings this week. The relative TSX underperformance versus the S&P 500 — 44 basis points of gap — is almost entirely attributable to the energy drag; strip out energy and the TSX’s implied performance was broadly in line with its U.S. peers.

What to Watch Tomorrow, October 27

Three things deserve your attention before Tuesday’s open. First, U.S. Q3 GDP (advance estimate) lands at 8:30 AM ET — consensus sits at +2.1% annualized growth, and a significant miss or beat will ripple through both the loonie and rate-sensitive TSX names immediately. Second, OPEC+ follow-through: any official communiqué clarifying today’s output-ceiling rumours could whipsaw Brent and WTI at the Asian open overnight — watch for headlines out of Vienna after midnight ET. Third, Canadian bank earnings season enters its final stretch, with analyst-day presentations from two major Schedule I banks expected to shed light on mortgage book stress and net interest margin guidance into 2027. Gold’s ability to hold the US$4,000 floor on any risk-off reversal remains the key technical watch for materials investors.