TSX Closer: Index Drops Nearly 250 Points as Telecom, Utilities and Industrials Weigh

04:32 PM EDT, 10/19/2026 (MT Newswires) -- The S&P/TSX Composite Index, which closed near a four-week high on Friday, dropped nearly 250 points on Monday as losses in telecom, utilities and industrials stocks weighed on the benchmark, while investors assessed fresh domestic inflation data and the Bank of Canada's latest survey of consumer expectations. The index closed down 247.92 points, or 0.7%, at 35,928.63, with most sectors in red. Telecom led the decliners, dropping 1.6%, followed by utilities and industrials, which fell 1.3% and 1.1%, respectively. Shares in energy closed up 0.5%. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 1.2%. In commodities, West Texas Intermediate (WTI) and Brent crude prices were mixed as investors weighed the potential for increased Russian oil supplies following Washington's decision to ease certain sanctions against Moscow. Meanwhile, continued attacks on vessels near the Strait of Hormuz and concerns over supply disruptions in the Middle East helped support oil prices. November WTI crude oil contract settled up $2.25, or 2.2%, at $103.66 per barrel, while December Brent oil was last seen down $0.48, or 0.4%, at $109.38 per barrel. Precious metals were mostly lower, with December Comex gold futures dropping 0.4%, or $17.30, to $4,163.80 per ounce at last look. In currencies, the US dollar edged down 0.2% against the Canadian dollar to CA$1.4110 at last look. Voters in Canada's oil-rich province of Alberta went to the polls on Monday to decide whether to remain part of Canada or begin the legal process toward independence. Polls were scheduled to close at 10 p.m. ET, according to Elections Alberta. In economic news, Canada's annual consumer price index edged up to 3.1% in September from 3.0% in August, largely reflecting a sharper rise in gasoline prices, which surged 27.8% yearly after increasing 22.8% in the previous month, according to the country's statistical agency on Monday. Excluding gasoline, the country's CPI eased to 2.2% annually from 2.4% in August. September's CPI was slightly lower than the 3.2% annual consensus figure provided in a Bloomberg survey. Some economists continued to expect the Bank of Canada to keep interest rates unchanged at the October meeting. However, BMO Capital Markets said it is now leaning toward the bank making a 25-basis-point rate hike this month, as the central bank's latest business and consumer surveys point to mounting inflation risks despite Monday's softer-than-expected consumer price index data. Meanwhile, Canadian consumers felt more confident about their financial situation in the third quarter, but inflation expectations increased and spending intentions softened, according to the Bank of Canada's Survey of Consumer Expectations (CSCE). Higher financial asset values and increased confidence in the labor market boosted households' financial outlook, the BoC wrote in Monday's third-quarter CSCE release.