S&P/TSX Composite Index Falls Monday Morning As Base Metals and Utilities Weaken

10:49 AM EDT, 10/19/2026 (MT Newswires) -- The S&P/TSX Composite Index, which closed near a four-week high on Friday, was lower Monday morning as the base metals sector led other sectors lower. Shares in base metals dropped 1.6%, while copper prices fell 0.6%. Gold was also lower, edging down 0.3% on last look. The utilities sector shed 1.5% and telecoms dropped 1.4%. Information technology, up 0.4% was the sole gainer, on last look. In political news, Albertans vote on the referendum whether to separate from Canada today, with pundits widely expecting that the majority will vote to stay within the country. In economic news, Canada's consumer price index rose 0.1% month-on-month in September, or 0.4% in seasonally adjusted terms. The annual inflation edged up to 3.1% from 3.0% the prior month. The increase was led by gasoline prices that jumped 27.8% year over year in September, compared with the 22.8% increase in August, reported Statistics Canada. According to BMO Chief Economist Douglas Porter, markets came into this CPI reading leaning heavily towards a Bank of Canada hike. However, StatsCan data showed that, excluding gasoline, the CPI rose 2.2% year over year, after increasing 2.4% in August. "However, this mild result on the cores, by themselves, will provide no satisfaction for those hiking expectations, anchoring around 2% (or lower) and exhibiting zero evidence that the energy price spike is spreading," Porter said. "Even so, the Bank seems laser-focused on the persistence of headline inflation above 3%, and it seems headline will stick there for a while, given the ongoing strength in oil and products." The bank's quarterly Business Outlook Survey, which will be released Monday at 11.30 am ET, will provide more guidance on the potential for rate hikes, Porter said.