Toronto Stock Exchange Falls 11% In Year’s First Half
The Toronto Stock Exchange (TSX) fell 11.13% in the first half of the year, placing it in correction territory but ahead of indices in the U.S. that have fallen into a bear market defined as a decline of 20% or more. The performance of the Toronto Stock Exchange placed it number 58 out of 92 global indexes. The best performing stock exchange during the first six months of the year was the tiny Beirut Index, which has only 10 stocks listed on it and rose 39% between January and the end of June. The Toronto Stock Exchange has been pushed lower over concerns that rising interest rates will tip the global economy into a recession. However, the TSX has outperformed all the major U.S. indices year to date, as the Dow Jones Industrial Average, SP 500 and Nasdaq have each fallen more than 15%. The SP 500 (down 20%) and Nasdaq (down 30%) are officially in a bear market. Canada’s main stock exchange has benefitted from strong commodity prices, particularly for oil and natural gas. The energy sector, which is the TSX’s second-largest weighting, rose 24% in the year’s first half.
Toronto Stock Exchange Falls 11% In Year’s First Half
The Toronto Stock Exchange (TSX) fell 11.13% in the first half of the year, placing it in correction territory but ahead of indices in the U.S. that have fallen into a bear market defined as a decline of 20% or more. The performance of the Toronto Stock Exchange placed it number 58 out of 92 global indexes. The best performing stock exchange during the first six months of the year was the tiny Beirut Index, which has only 10 stocks listed on it and rose 39% between January and the end of June. The Toronto Stock Exchange has been pushed lower over concerns that rising interest rates will tip the global economy into a recession. However, the TSX has outperformed all the major U.S. indices year to date, as the Dow Jones Industrial Average, SP 500 and Nasdaq have each fallen more than 15%. The SP 500 (down 20%) and Nasdaq (down 30%) are officially in a bear market. Canada’s main stock exchange has benefitted from strong commodity prices, particularly for oil and natural gas. The energy sector, which is the TSX’s second-largest weighting, rose 24% in the year’s first half.