TSX Closer: Index Falls 1.6% as Base Metals, Financials Drag; Oil Rises on US-Iran Tensions

04:22 PM EDT, 09/23/2026 (MT Newswires) -- The S&P/TSX Composite Index closed sharply lower on Wednesday as weakness in base metal and financial stocks outweighed gains in healthcare and energy, while investors monitored renewed US-Iran tensions and rising oil prices. The index closed down 584.18 points, or 1.6%, at 35,751.43. The base metal sector led decliners, down 2.7%, followed by financial and utilities that closed down 1.9% and 0.6%, respectively. Shares in healthcare and energy closed up 1.3% and 0.5%, respectively. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, jumped 4.8%. In commodities, West Texas Intermediate (WTI) and Brent crude rose as renewed US-Iran tensions revived concerns over Middle East oil supplies, after Iran signaled it was not prepared to back down and said the Strait of Hormuz would remain closed until its conditions were met. November WTI crude oil contract settled up $1.64, or 1.8%, at $92.16 per barrel, while November Brent oil was last seen up $4.17, or 4.2%, at $103.42 per barrel. Meanwhile, December Comex gold futures dropped 1.3%, or $56.90, to $4,319.50 per ounce at last look. In currencies, the US dollar edged up 0.2% against the Canadian dollar to 1.4098 at last look. "The loonie's weakness, however, is largely a function of the [US] dollar's strength," wrote Corpay Chief Market Strategist Karl Schamotta in a note. Tax reforms, investment incentives and efforts to expand exports to the European Union could support growth over time, though their impact is likely to be gradual, according to Corpay. In economics news, Canada's July retail sales were expected to be broadly in line with the advance estimate, which showed a 0.8% monthly decline from June, and would end a six-month streak of gains, said RBC Economics. The underlying pullback was likely more pronounced after accounting for higher gasoline prices, with preliminary industry data pointing to a significant decline in vehicle sales in July, wrote RBC in a note. Statistics Canada is set to release July and preliminary August retail sales on Thursday at 8:30 a.m. ET. Additionally, employment in the Canadian auto sector and related industries grew by 0.5% in June compared with the previous year, totaling 616,700 jobs, according to DesRosiers Automotive Consultants in a Wednesday note. The data showed varied results across segments, with auto dealerships and automotive repair and maintenance, which account for nearly half of all auto workers, each experiencing employment growth of 1.6% and 2.5%, respectively, it added.