Canadian equities concluded their second-best year this century, defying early anxieties and setting a record for new closing highs. The S&P/TSX Composite Index surged more than 40% from an April 8 low, ultimately closing the year with a 28% advance. This performance marked the index's most significant annual gain since 2009, when the rebound from the financial crisis spurred a 31% increase.
The index achieved a record of 63 new closing highs throughout the year, fueled by a consistent upward trend over the final seven months. This impressive growth occurred despite significant political and economic uncertainties earlier in the year, including the imposition of harsh tariffs by then-U.S. President Donald Trump and heightened tensions between the U.S. and Canada.
The Canadian equity market's resilience was largely attributed to the strong performance of its mining and financial sectors. These sectors proved well-positioned to navigate the volatility of the global landscape. The appointment of Mark Carney as prime minister also played a role, easing financial market jitters and fostering a more stable economic environment.
Looking ahead, the Canadian equity market's ability to sustain this level of growth will depend on various factors, including global economic conditions, commodity prices, and geopolitical stability. While the past year's performance was exceptional, analysts caution that future returns may be more moderate. The performance of mining and financial stocks will continue to be a key indicator of the overall health of the Canadian market.
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