All of a sudden, Canada is sporting one of the best-performing stock exchanges in the world.
The S&P/TSX Composite Index is riding a 10-session winning streak after closing Thursday 99.66 points higher at 15,211.22. Since the streak started on Jan. 4, Canadian stocks have climbed 7.02 per cent.
And aside from a single day of losses on Jan. 3, the TSX has closed higher in every trading session since the Christmas market holiday and has fully erased the losses it suffered in December when Canadian stocks sank 9.3 per cent up to Dec. 24.
“It’s been pretty impressive, but it seems like it’s almost a reflex rally from the depth of the downturn,” said Myles Zyblock, chief investment strategist at Dynamic Funds, in an interview with BNN Bloomberg Thursday morning.
He pointed to expectations that the U.S. Federal Reserve won’t raise rates too far too fast as one of the catalysts.
“Usually the bigger the bust, the bigger the snapback,” Zyblock added. “And we’re seeing a pretty big snapback both in Canada and around the world.”
Through the end of trading on Thursday, the TSX was sitting as the 12th best-performing stock index in the world so far this year. The Composite Index finished 2018 deep down the rankings of global indices for the calendar year.
Here’s a snapshot of the TSX’s top performers so far in 2019:
1. Canopy Growth Corp. (WEED.TO): +55.6 per cent
2. New Gold Inc. (NGD.TO): +30.5 per cent
3. Aurora Cannabis Inc. (ACB.TO): +28.3 per cent
4. Cronos Group Inc. (CRON.TO): +26.2 per cent
5. Husky Energy Inc. (HSE.TO): +23.7 per cent
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