Canada’s stocks benchmark, the S&P/TSX Composite Index, has closed above 23,000 points for the first time as investors rotate into value, commodity and low-volatility stocks.
Geoffrey Morgan and Stephanie Hughes, Bloomberg NewsDan Rohinton, portfolio manager at iA Global Asset Management, joins BNN Bloomberg to discuss the TSX rally vs. tech driven surge in U.S.
-- Canada’s stocks benchmark, the S&P/TSX Composite Index, has closed above 23,000 points for the first time as investors rotate into value, commodity and low-volatility stocks. The S&P/TSX rose 1.3% to close at 23,110.81 points on Wednesday, led by the information technology and energy sectors. This is the 14th record in the Toronto stocks gauge this year. Unlike the US, where gains have mainly been driven by a handful of mega-cap technology giants, the rally in Canada has been broad-based.
First, sharp gains in commodity prices earlier this year — including oil, gold and copper — helped lift energy and materials equities in Canada, which collectively make up over 30% of the index. Then, a rotation into defensive and value stocks propelled further gains in the gauge. “If global investor appetite continues to shift more toward lower volatility cheap stocks, history would suggest Canada could continue to benefit over the rest of the developed world,” said Bloomberg Intelligence analyst Gillian Wolff.
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