S&P/TSX Composite Index Jumps to Six-Week High As Commodity-Based Sectors Rally

10:48 AM EDT, 10/16/2026 (MT Newswires) -- The S&P/TSX Composite Index vaulted to the highest level in six weeks on Friday, extending its gains as shares in the base metal and energy sectors jumped. Shares in the base metal sector gained 1.9% while energy rose 1%. Copper, which had traded lower the past two days, was last seen up 0.8%. Other metal prices, including gold and silver, were also higher. In economic news, Canada's housing market stayed soft in September as higher fixed mortgage rates and potential Bank of Canada tightening was "surely keeping buyers on the defensive," wrote BMO Senior Economist Robert Kavcic. "While we still believe that market pricing of 100 bps of tightening through 2027 is too aggressive, the balance of risk is tilting to the upside for variable rates into the 2027 spring market." Existing home sales were down 7.7% year over year in September and down 2.3% from the prior month, in seasonally-adjusted terms, data from the Canadian Real Estate Association showed. In other news, Canada's housing starts for the six-months to September was "virtually" flat, with a slight increase to 250,411 units, the Canada Mortgage and Housing Corporation reported.