TSX Closer: Index Falls as Telecom And Base Metals Weigh; Oil Edges Higher

04:24 PM EDT, 09/28/2026 (MT Newswires) -- The S&P/TSX Composite Index closed lower on Monday as losses in telecom, base metals and financial stocks outweighed modest gains in utilities and energy, while investors weighed renewed US trade tensions and signs of weaker Canadian economic momentum. The index closed lower 311.03 points, or 0.9%, at 35,489.86. Telecom led decliners, down 1.6%, followed by base metals and financial that closed down 1.1% and 0.7%, respectively. Shares in utilities and energy closed up 0.4% and 0.3%, respectively. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 0.8%. In commodities, West Texas Intermediate (WTI) and Brent crude edged higher on Monday as concerns about continued Middle East supply disruptions supported prices, though Qatar reportedly said it would hold talks with the US and Iran aimed at reaching a peace deal and reopening the Strait of Hormuz. November WTI crude oil contract settled up $0.19, or 0.2%, at $92.60 per barrel, while November Brent oil was last up $1.45, or 1.4%, at $105.77 per barrel. Meanwhile, December Comex gold futures dropped 3.8%, or $164.00, to $4,157.20 per ounce at last look. In currencies, the US dollar edged up 0.2% against the Canadian dollar to 1.4176 at last look. Renewed US trade uncertainty and weaker Canadian economic data are weighing on the loonie, pushing USD/CAD back toward CA$1.42, according to Rosenberg Research. CIBC Capital Markets, in a note, also predicted the Canadian dollar to remain under pressure in the near term. In economic news, RBC Economics said strong second-quarter gross domestic product growth in Canada is not likely to continue into the last half of the year due to trade tensions with the US. The Bank of Canada has warned that new US tariffs could push already-weak fourth-quarter 2026 growth below a 1% annualized rate, RBC wrote in a note. In corporate news, Air Canada (AC.TO) took up and paid for 27.6-million of its Class A variable voting shares and Class B voting shares at CA$29.00 apiece under its CA$800 million substantial issuer bid, the carrier said in a statement on Monday. These shares represent about 9.8% of the total number of Air Canada's outstanding shares as of Sept. 24, before giving effect to the offer, it added.