World Markets

Canadian Market Update: TSX Finished Last Week of 2018 Up +0.3%

The TSX finished the last week of the year with +0.3%, YTD+6%, lagging other developed benchmarks including the S&P500 (+19% YTD). In the last week the index managed to hit a new all-time high, +16,200, on broad based advances (+60% constituents higher over the last two weeks).

  • Small caps led the advances on decent volume in a shortened week.
  • Health outperformed with a 9% gain, helped by +2% gains in Energy. Meanwhile, Discretionary, Industrials and Tech underperformed with slight losses.
  • Oil was 2.3% higher and continues to bounce, precious metals also gained on US$ weakness.
  • The C$ broke out of its range-bound status to end at $0.80 – it’s highest level since mid-October, most of this was due to US$ weakness.
  • ETF – flows were light, Financials saw outflows with defensive Materials/ Gold/ REIT names benefitting.
  • The CA economic calendar is light, with just the employment report on Friday standing out. In the U.S., the nonfarm payrolls data will also be released on Friday, though the FOMC meeting minutes will also be closely watched on Wednesday.
  • MiFID II is now in effect.

TSX VS OIL (2017, REBASED):

Canadian Market Chart January 2 2018


Nasdaq Advisory Services Canadian Team Prab Sagoo
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