Mining Capital Can't Win as Canada Stocks Lag Metal Gains
- Materials stocks have shrunk in importance to S&P/TSX
- ‘Multi-quarter’ rally needed for shares to match commodities
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Industrial metals have posted their longest run of weekly gains since 2006 and gold’s had its best month since January, but the commodity-heavy equity benchmark in the world’s mining capital just can’t seem to gain any traction.
It’s the latest frustration for Canada’s S&P/TSX Composite Index, which has lagged all but one of its developed-market peers this year even as base metals have rallied on stronger Chinese demand and gold has gained amid geopolitical uncertainties.