TSX Closer: The Index Drops More Than 350 Points as Base Metals, Energy and Technology Stocks Decline

04:23 PM EDT, 10/22/2026 (MT Newswires) -- The S&P/TSX Composite Index dropped more than 350 points on Thursday, weighed down by steep losses in base metals, energy and technology stocks, while investors assessed fresh domestic inflation data and Canada's efforts to diversify trade beyond the US. The index closed down 351.54 points, or 1%, at 35,973.45, with mixed sectors. Base metals led the decliners, dropping 6.3%, as the price of copper futures tumbled 2.6% to $640.65 per lb at last look. Shares in the energy and information technology sectors fell 1.7% and 1.6%, respectively. Shares in telecom and industrials advanced 3.9% and 2.3%, respectively. 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 rallied as escalating tensions in the Middle East renewed concerns over potential supply disruptions. Attacks by Houthi rebels on Saudi energy infrastructure and heightened security risks near key shipping routes, including the Strait of Hormuz and the Bab el-Mandeb Strait, raised fears of disruptions to oil production and exports from the region. December WTI crude oil contract settled up $2.32, or 2.4%, at $99.47 per barrel, while December Brent oil was last seen up $4.31, or 4.0%, at $113.13 per barrel. Precious metals fell, with December Comex gold futures slumping 2.7%, or $110.10, to $4,039.90 per ounce at last look. In currencies, the US dollar edged lower 0.3% against the Canadian dollar to CA$1.4011 at last look. Meanwhile, in the bond market, investors submitted CA$14.98 billion in bids for Canada's two-year government bonds, well above the CA$5.5 billion offered, according to the Bank of Canada's website on Thursday. Separately, as part of its efforts to diversify trade beyond the US and expand into new markets, Canada launched a partnership with Turkey to strengthen trade, energy cooperation and defense ties, while exploring a potential free trade agreement, according to a joint statement by Canadian Prime Minister Mark Carney and Turkish President Recep Tayyip Erdogan. The two leaders unveiled a three-year action plan at a joint press conference in Ankara, covering trade and investment, energy and climate, defense and security, and closer institutional ties. In economics news, Canada's Industrial Product Price Index rose 2% on the month in September on higher energy costs, according to the country's statistical agency on Thursday. StatsCan also said the Raw Materials Price Index climbed 4.8% on the month in September, led by a 14.4% jump in crude energy product prices.