TSX Closer: Index Jumps 1.1% as Base Metals Lead Broad Gains

04:22 PM EDT, 09/17/2026 (MT Newswires) -- The S&P/TSX Composite Index closed higher on Thursday as gains in base metals, utilities and energy outweighed weakness in telecom, while investors assessed fresh Canadian inflation data, interest-rate expectations and Prime Minister Mark Carney's push for closer ties with the European Union. The index closed up 382.99 points, or 1.1%, at 35,874.26 with most sectors higher. Base metals led advancers, up 3.2%, followed by utilities and energy that closed up 1.2% and 0.7%, respectively. Shares in telecom closed down 1.2%. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 0.6%. In commodities, West Texas Intermediate (WTI) and Brent crude fell on Thursday as additional Saudi oil shipments through Oman and efforts to restore the kingdom's damaged East-West pipeline eased concerns over Middle East supply disruptions. October WTI crude oil contract settled down $0.52, or 0.5%, at $101.91 per barrel, while November Brent oil was last seen down $1.24, or 1.2%, at $104.59 per barrel. Meanwhile, December Comex gold futures dropped 0.02%, or $0.70, to $4,386.80 per ounce at last look. In currencies, the US dollar edged up 0.01% against the Canadian dollar, with the USD/CAD at 1.3989 at last look. In Canadian news, Carney welcomed the prospect of the country becoming the European Union's first associate member, saying deeper ties could span critical minerals, defense, artificial intelligence, energy, financial services and university exchanges. On the monetary policy front, the Bank of Canada is unlikely to increase rates at its October policy meeting unless September's consumer price index unexpectedly exceeds expectations or oil prices climb sharply, according to Capital Economics in a Thursday note. On Wednesday, the US Federal Reserve raised interest rates by 25 basis points, marking the first hike since July 2023 Meanwhile, prices of Canadian manufactured products, as measured by the Industrial Product Price Index (IPPI), rose 1.3% month over month in August, while raw material prices increased 3.1%, as measured by the Raw Materials Price Index (RMPI), the country's statistical agency said on Thursday. These were driven up in part by the resumption of the conflict between US and Iran, which pushed energy and oil product prices higher, according to StatsCan. The IPPI and RMPI were higher than a Bloomberg survey, which saw IPPI flat on the month and RMPI rising 0.8% month over month.