TSX Closer: Index Gains on Industrials And Telecom Strength Despite Steep Drop in Energy

04:24 PM EST, 11/02/2026 (MT Newswires) -- The S&P/TSX Composite Index advanced on Monday, supported by gains in industrials, telecommunications and utilities, while a sharp decline in oil prices weighed on energy stocks. Investors assessed fresh manufacturing data and the outlook for Canada's labor market. The index closed up 181.06 points, or 0.5%, at 35,801.09. Industrials led the advancers with a 2.4% surge higher, followed by telecoms and utilities, which jumped 1.7 and 1.1%, respectively. Shares in energy tumbled 4.8% while the information technology sector dipped 0.7%. The Battery Metals Index, which includes companies listed both on the TSX and TSX Venture Exchange, dropped 6.1%. In commodities, West Texas Intermediate (WTI) and Brent crude prices plunged more than 7% Monday as hopes of a diplomatic breakthrough between the US and Iran eased concerns over further oil supply disruptions. Talks between Iranian officials and Qatari mediators, along with comments from US Secretary of State Marco Rubio that US President Donald Trump preferred a diplomatic solution over further military action, weighed on prices. December WTI crude oil contract settled down $7.66, or 7.4%, at $96.46 per barrel, while December Brent oil was last seen down $9.49, or 8.4%, at $103.94 per barrel. Looking to precious metals, December Comex gold futures jumped 1.4%, or $53.10, to $3,952.00 per ounce at last look. In currencies, the US dollar edged up 0.1% against the Canadian dollar to CA$1.3994 at last look. In economic news, Canada's manufacturing sector fell in October, with the S&P Manufacturing PMI dropping to 49.6 from 51.5 in September, its lowest level since December 2025, according to S&P Global in a Monday report. Supply-chain pressures worsened, with delivery times deteriorating at their fastest pace since August 2022. US Tariffs, particularly on steel, and rising fuel and freight costs drove input price inflation to its highest level since June 2022, S&P Global added. Although some firms were hopeful that production and new work will pick up, they remained concerned over the impact of tariffs on market demand and broader geopolitical headwinds, S&P noted. Meanwhile, Canada's Labour Force Survey (LFS) is expected to show an increase of 15,000 jobs in October, with the unemployment rate edging down to 6.4% from 6.5% in September, according to RBC Economics. Statistics Canada is slated to release October's LFS on Friday at 8:30 a.m. ET.