TSX Closer: Index Drops Almost 400 Points as Base Metals, Technology Stocks Drag

04:26 PM EDT, 10/14/2026 (MT Newswires) -- The S&P/TSX Composite Index dropped on Wednesday, weighed down by losses in base metals, technology and financial stocks, while investors assessed fresh domestic economic data and the outlook for Bank of Canada interest rates. The index closed down 399.52 points, or 1.1%, at 35,584.46. Shares in the base metal sector led decliners down 3.9%, followed by information technology and financial that closed down 2.4% and 0.5%, respectively. Shares in telecom and utilities closed up 1.0% and 0.6%, respectively. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 3.1%. In commodities, West Texas Intermediate (WTI) and Brent crude prices rose as renewed attacks on Saudi Arabia and threats to oil shipments through the Strait of Hormuz heightened concerns over potential supply disruptions in the Middle East. However, prospects of increased Russian diesel supplies and a weaker global oil demand outlook limited gains. November WTI crude oil contract settled up $0.95, or 1.0%, at $95.09 per barrel, while December Brent oil was last seen up $0.34, or 0.3%, at $106.03 per barrel. Looking to precious metals, December Comex gold futures dropped 1.3%, or $54.20, to $4,123.10 per ounce at last look. In currencies, the US dollar edged up 0.2% against the Canadian dollar to CA$1.4242 at last look. Canada raised CA$3 billion through an auction of 30-year Government of Canada bonds, attracting CA$7.6 billion in bids, more than 2.5 times the amount offered, according to data published on the Bank of Canada's website. In economics news, the Bank of Canada is expected to resume raising interest rates, but the timing and extent of the next tightening cycle remain unclear, according to National Bank of Canada Capital Markets in a Wednesday note. Financial markets now expect the first increase this December rather than at the Oct. 28 policy meeting, while forecasters are divided between a move later this year and a delay until 2027 or beyond, wrote National Bank. Meanwhile, the value of Canadian building permits rose by CA$1.1 billion, or 8.8% on the month, to CA$13.6 billion in August, led by stronger residential construction plans, Statistics Canada reported. August's rise was higher than a 3.0% monthly consensus gain from a Bloomberg survey. In stocks, Fairfax Financial (FFH.TO) closed up CA$1.62 at CA$2,289.58 following reports that the Indian government approved its proposed $5.5 billion acquisition of a majority stake in IDBI Bank.