TSX Closer: Index Surges to Two-Month High As Base Metals, Industrials and Financial Stocks Rally

04:22 PM EST, 11/09/2026 (MT Newswires) -- The S&P/TSX Composite Index jumped sharply to the highest level since early September on Monday, as strong gains in base metals, industrials and financial stocks lifted the index, while investors assessed the Bank of Canada's latest interest rate expectations. The index closed up 657.17 points, or 1.8%, at 36,446.26, with most sectors up. Base metals led the advancers, vaulting 5.9%, followed by industrials and financials, which were up 2.2% and 1.7%, respectively. Shares in energy and telecom dropped 1.0% and 0.7%, respectively. In commodities, West Texas Intermediate (WTI) and Brent crude prices plunged more than 4% due to raised hopes for a diplomatic resolution to the US-Iran conflict. US President Donald Trump's comments that further attacks on Iran were unlikely as long as peace talks progressed added pressure on prices. December WTI crude oil contract settled down $3.98, or 4.4%, at $86.85 per barrel, while January Brent oil was last seen down $5.65, or 5.8%, at $92.67 per barrel. December Comex gold futures rallied 1.8%, or $74.50, to $4,149.40 per ounce at last look. In currencies, the US dollar edged down 0.04% against the Canadian dollar to CA$1.4122 at last look. Meanwhile, in Canada's government bond market, an auction of 10-year bonds attracted CA$11.1 billion in bids for the CA$5 billion on offer, according to the Bank of Canada's website on Monday. Prime Minister Mark Carney appointed Bridgewater Associates co-chief investment officer Karen Karniol-Tambour as CEO of the Canada Strong Fund, a new sovereign wealth fund backed by CA$25 billion in initial capital to invest in Canadian projects and businesses, his office said Monday. In banking, Royal Bank of Canada (RY.TO, RY) agreed to acquire Yarra Capital Management, an Australian asset manager, and the transaction was expected to close in the first quarter of 2027. The BoC is expected to lift its policy rate to 2.75% by March 2027 from today's 2.25% and hold it there through the end of 2028, according to a survey of market participants (MPS) released by the central bank on Monday. The survey sees the policy rate rising by 25 basis points to 2.50% this December, before adding another 25 bps in March. Canada's central bank increased rates by 25 bps last month, for the first time since July 2023.