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, S&P 500 and Nasdaq have each fallen more than 15%. The S&P 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.
The worst-performing sectors of the Toronto Stock Exchange year to date have been
information technology (down 55.3%), healthcare (down 54.2%), and real estate (down 22.9%).
The worst-performing stocks in the TSX have been Shopify (SHOP), down 77%, Aurora
Cannabis (ACB), down 75%, and Bausch Health (BHC), down 69%.
Top performing stocks have included Athabasca Oil (ATH), up 109%, Spartan Delta (SDE), up
107%, and Precision Drilling (PD), which rose 85%.
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