TSX Market Wrap — Monday, November 9, 2026: Jumps 1.84% as Gold, Miners and Banks Rally

Tape snapshot: S&P/TSX on November 9

The S&P/TSX Composite Index closed at 36,446.26, up 657.17 points (+1.84%). That was its best level in about a month and more than erased last Thursday’s 736-point AI-driven slide.

The index opened at its low of the day near 36,038 and never looked back, reaching about 36,576 before settling a little below the high. Volume was roughly 306 million shares. Breadth was strong: advancers beat decliners on the Toronto exchange by about 687 to 285, with 64 unchanged.

The Canadian dollar was flat at about 70.82 US cents.

Wall Street had an even bigger day. The Dow jumped about 1,104 points (+2.2%) to 52,389.52, the S&P 500 rose about 173 points (+2.3%) to 7,549.81, and the Nasdaq climbed about 674 points (+2.7%) to 25,253.14.

What drove the TSX on November 9

Oil fell hard, and that eased inflation worries. December crude dropped about US$3.9, or roughly 4.3%, to about US$86.9 a barrel, and January Brent fell nearly 6%. Coverage tied the drop to hopes for US–Iran diplomacy. Cheaper oil cooled inflation fears and nudged Canadian yields a little lower, which helped rate-sensitive groups.

Gold and base-metal miners led. December gold rose about US$76–78 to roughly US$4,151–US$4,153 an ounce. Barrick reported higher third-quarter profit as stronger gold prices outweighed lower production, and the gold subgroup gained about 4.7%. Copper names joined in, pushing the broader materials group up about 4.6%.

Banks got some relief. With yields easing, the big lenders rallied. Royal Bank rose about 1.5%, and TD, BMO, Scotiabank and CIBC each gained close to 2%, according to Trading Economics figures cited by Canada News Media.

A US tech rebound continued, with a twist. Chip stocks such as AMD and Broadcom surged, extending Friday’s bounce from last week’s selloff. Nvidia was the exception, falling about 4–5% after its board said it would investigate CEO Jensen Huang’s relationship with a businesswoman whom US intelligence agencies describe as a Chinese spy. In Toronto, the tech group still lagged because of Constellation Software.

Oil-patch deal news. Strathcona Resources said Sunday it would buy Greenfire Resources in a deal valued at roughly $2.7 billion to $2.9 billion, including debt, expanding its Alberta oil sands footprint.

Sectors on the move

• Gold: about +4.7%, the session leader, with Iamgold, Novagold and Barrick among the gainers.
• Materials: about +4.6%, helped by Ero Copper and Hudbay Minerals.
• Industrials: about +2.6%, led by Hammond Power Solutions and Air Canada.
• Financials: the big banks rose roughly 1.5% to 2% as yields eased.
• Energy: about −0.9%, one of only two lower groups, as crude fell; Vermilion and Advantage Energy slipped.
• Telecom: about −0.5%, with Telus and Cogeco Communications lower.

Ten of the 12 main subgroups finished higher. (Sector figures differ slightly by source.)

Big movers on the TSX

• Greenfire Resources (GFR): about +38%, to $10.94, after agreeing to be acquired by Strathcona. Strathcona (SCR) slipped 34 cents to $36.00.
• Hammond Power Solutions (HPS.A): about +10.6%, to roughly $207, the top Composite gainer.
• Energy Fuels (EFR): about +9.8%, to $10.32, and Silvercorp Metals (SVM): about +9.1%, to $13.73.
• Ero Copper (ERO): about +8.4%, to $44.15, and Hudbay Minerals (HBM): about +7.1%, to $32.71.
• Iamgold (IMG): about +5.7%, to $27.95, and Novagold (NG): about +7.4%, to $9.71.
• Air Canada (AC): about +6.3%, to $23.30, as lower oil eased jet-fuel worries.
• Barrick Mining (ABX): about +4.5%, to $59.76, after third-quarter results.
• Constellation Software (CSU): about −3.8%, to $3,392.29, after reporting a 16% year-over-year drop in third-quarter free cash flow.
• Thomson Reuters (TRI): about −3.6%, to $153.18, and Curaleaf (CURA): about −4.2%, to $12.68.

Rates, CAD & risk tone

Fear faded. The S&P/TSX 60 VIX fell about 6.5% to 16.42. Small caps joined the rally, with the TSX Venture Exchange up about 14 points, or 1.7%, to 836.07.

The loonie held steady near 70.8 US cents even as the US Dollar Index slipped about 0.6%. The US 10-year Treasury yield was little changed at about 4.87%.

The Bank of Canada’s next rate decision remains December 9.

What to watch next

• Wednesday, November 11: Franco-Nevada and Power Corporation of Canada are scheduled to report third-quarter results.
• This week: US AI-linked earnings from CoreWeave, Cisco and Applied Materials, which will test whether last week’s tech selloff is over.
• Oil and US–Iran headlines: Crude has swung several dollars in a single day more than once lately, so energy remains a big swing factor for the index.
• Friday, December 4: The next Labour Force Survey.
• Wednesday, December 9: The next Bank of Canada rate decision.

Bottom line

Lower oil, stronger gold and a broad US rebound pushed the TSX to a one-month high, with miners, industrials and banks doing the heavy lifting while energy, telecom and Constellation Software lagged.

Sources

• Baystreet.ca, “TSX Enjoys Large Gains at Close,” November 9, 2026 (index close and points, Canadian dollar, Barrick, Strathcona/Greenfire, Constellation, gold/materials/industrial/energy/telecom movers, subgroup moves, TSX Venture, US indexes, oil, gold, US 10-year yield, Nvidia note)
• Investing.com, “Canada stocks higher at close of trade; S&P/TSX Composite up 1.84%,” November 9, 2026 (one-month high, Hammond Power, Energy Fuels, Silvercorp, Curaleaf, Thomson Reuters, advancers/decliners, S&P/TSX 60 VIX, gold and crude futures, Brent, US Dollar Index)
• Investing.com, S&P/TSX Composite historical data, November 9, 2026 (open, high, low, close, volume)
• Canada News Media, “TSX closes up 657 points as banks, gold miners rally,” November 9, 2026, citing TMX Money and Trading Economics (bank moves, US–Iran oil context, Franco-Nevada and Power Corp reporting dates)

Media credits

A Wikimedia Commons photograph, cropped to 16:9 and resized for this page. No AI-generated images were used.

• Hero: “Royal Bank Plaza Toronto” by Danielle Scott, licensed under CC BY-SA 2.0, via Wikimedia Commons. Taken June 7, 2009, in downtown Toronto. It illustrates the city’s bank towers, not this trading session.

By Andrew · stocksummarizer.com