TSX Closes at 36,265 as Energy and Metals Lead Wednesday’s Gains

TSX Closes Solidly Higher in Modest-Volume Session

The S&P/TSX Composite Index settled at 36,265 on Wednesday, up 0.26% or roughly 94 points, as Canadian equities tracked a synchronized global rally that also lifted the S&P 500 (+0.28% to 7,744) and the NASDAQ (+0.27% to 26,550). Trading volume was in line with the 30-day average, suggesting broad but not exuberant participation — the kind of tape that signals steady accumulation rather than speculative frenzy. The loonie held firm against the greenback, keeping USD-denominated commodity gains largely intact for Canadian investors.

Winners: Energy Producers and Precious Metals Miners Shine

Energy producers tied to WTI benchmarks were the session’s standout winners. West Texas Intermediate surged 1.59% to US$101.49 per barrel (approximately C$140.06 at current exchange rates), fuelling outsized moves in Canadian intermediate producers with heavy WTI exposure. Integrated names and oil-sands operators that price closer to WTI than Brent were the clearest beneficiaries, with several mid-cap names on the TSX posting gains of 2–4% on the session.

Gold miners were a close second. Spot gold climbed 0.25% to US$4,084.70 per ounce — a fresh record high — pushing senior producers higher and giving a meaningful bid to junior explorers on the TSX-V. Silver added 0.14% to US$54.37/oz, supporting royalty names with silver streaming exposure. Copper was the day’s most aggressive industrial-metals mover, jumping 1.31% to US$6.7085 per pound, a level that brightens the economics of several Canadian development-stage copper projects.

Losers: Brent-Linked Names and Rate-Sensitive Sectors Lag

Not all energy was created equal today. Brent crude plunged 3.28% to US$110.15 per barrel, an unusual divergence from WTI that reflected easing supply concerns in European and North Sea markets following an unexpected inventory report out of the International Energy Agency. Canadian producers with North Sea exposure or contracts priced on Brent differentials gave back earlier gains and closed in the red, with some names down 1–2% on heavy selling into the close.

Rate-sensitive sectors — REITs and utilities — lagged the broader market as bond yields ticked modestly higher ahead of tomorrow’s Bank of Canada communications. Defensive names that had outperformed earlier in the month saw profit-taking, with the TSX Capped REIT sub-index underperforming the broader composite by roughly 60 basis points on the session.

The News That Moved Markets

The WTI-Brent spread blowing out to nearly US$8.66 per barrel — its widest level in months — was the dominant narrative of the day. Traders pointed to a surprise draw in U.S. crude inventories reported by the EIA, tightening the North American supply picture while European inventories built. Concurrently, gold’s push above $4,084/oz extended a multi-week run driven by central bank buying and persistent safe-haven demand, keeping precious-metals equities bid. Copper’s rally was attributed to fresh infrastructure spending signals out of Asia overnight, reinforcing the base-metals bull case.

What to Watch Thursday, October 29

Three catalysts deserve your attention before tomorrow’s open. First, U.S. Q3 GDP (advance estimate) drops at 8:30 AM ET — consensus sits at 2.4% annualized growth, and a meaningful miss or beat will ripple through commodity currencies including the CAD. Second, watch for any Bank of Canada deputy governor remarks scheduled for mid-morning, which could set the tone for rate expectations heading into the November decision. Finally, monitor the WTI-Brent spread overnight: if it widens further, Canadian WTI-leveraged producers could extend today’s outperformance in tomorrow’s session.