Advertisement 1

Canada is the worst-performing developed market this year: S&P

Canada's equity market woes continued in July with the S&P/TSX composite index falling 4.2 per cent during the month.

Article content

Canada’s equity market woes continued in July with Canada’s contribution to the S&P Global Broad Market index falling 4.2 per cent during the month.

The country’s part in the index is now down 12.2 per cent for the year, representing the worst performance of any developed market in the world.

“Low oil and commodity prices continue to hurt Canada, as its currency is now at a 10-year low to the U.S. dollar,” said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.

Advertisement 2
Story continues below
Article content
Article content

Silverblatt said the decline in crude prices continues to put pressure on Canadian-related stocks, but the currency weakness has actually helped Canadian sales.

“Canada represented 3.51% of all S&P 500 sales in 2014, up from 2.23% in 2013 — the most of any reporting country, and the trend appears to continuing,” he said.

The S&P Global Broad Market index gained 0.37 per cent in July , according to S&P Dow Jones Indices latest data, with 23 of the 48 countries represented registering positive returns.

Developed markets ended the month 1.23-per-cent higher with 18 of the 25 countries rising, led by Israel, up 9.28 per cent and Denmark, up 5.88 per cent.

Emerging markets, meanwhile, declined 7.45 per cent with only five of 23 countries making gains.

Hungary was the top EM country, up 4.8 per cent for the month, and remains the best-performing country in 2015 with a 27.1-per-cent year-to-date gain.

Brazil was the worst emerging market in July, falling 11.56 per cent, followed by Colombia’s 10.11-per-cent drop.

Correction: An earlier version of this story said the S&P/TSX composite index was down 12.2 per cent year to date and the worst performing developed market in the world. We apologize for the error.

Article content
Comments
You must be logged in to join the discussion or read more comments.
Join the Conversation

Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information.

This Week in Flyers