Canada’s S&P/TSX Composite Rises Past 23,000 for First Time
- Benchmark index has gained 10% this year in a broad rally
- TSX often outperforms during a risk-off shift: BI’s Wolff
Pedestrians pass in front of the Toronto Stock Exchange in Toronto, Ontario.
Photographer: Cole Burston/BloombergThis article is for subscribers only.
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.