The Globe and Mail reports in its Saturday edition that Canadian stocks have surged
back into a bull market.
A Bloomberg dispatch to The Globe reports that the S&P/TSX composite index
rose 0.6 per cent to 14,226.78 Friday,
capping a 20-per-cent rally
from a bear-market low of
11,843.11 on Jan. 20. The Canadian
equity benchmark has surged 9.4
per cent in 2016, the second-most
among developed markets. The index
plunged 11 per cent last year. Stephenson & Co. chief executive officer John Stephenson says the S&P/TSX's rapid rally
through the first half of 2016
does not leave much room to grow. He says, "It's looking pretty
front-loaded." First
Avenue manager Kash Pashootan is
more optimistic and is on the
hunt for energy names to add to
his existing holdings including
Enbridge and Keyera.
His weighting in commodities has
doubled to about 8 per cent of his
portfolio from 4 per cent in 2014.
He says: "We have conviction in energy
so we've started to add. There's been a shift from our
pessimism of even three months
ago to now. Given we're off the
bottom, now is the time you want
to start building your positions
for where things will be two,
three, four or five years from
now."
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