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Canadian stocks are highest since June.


Jan 20, 2023 , ,
Канадские акции достигли максимума с июня

Canadian stocks outperform by value.

On Monday, Canadian stocks rose to their highest level since June 2022, as investors continued to invest in value stocks amid hopes of China reopening.

This month, the S&P/TSX composite index rose above its 20-, 50-, and 100-day moving averages, extending one of the few major global indexes’ positive dynamics.

Since 2005, the Canadian index has outperformed the S&P 500 the most.

The Toronto key stock indicator outperforms the US benchmark, but it is unclear whether the index will continue to outperform its peer, as analysts see the same upside potential in the US as in Canada from now on.

Wall Street analysts have set the S&P 500’s 12-month target at 4511, implying a 12% upside potential and matching the upside potential of Toronto stocks.

However, as copper and crude oil prices rise further, some strategists see additional upside potential in Canadian mining and energy companies, which account for a sizable portion of the Toronto index.



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