Toronto market seen higher in 2022, 2023 despite selloff fears: poll
Canada’s main stock index is expected to advance through the end of the year and then approach a record peak in 2023 as high commodity prices bolster resource company earnings and despite the risk of another major sell-off, a Reuters poll found.
“The outlook for the remainder of 2022 is encouraging given the expected contribution from the energy sector, financials and overall valuation of the S&P/TSX Composite Index,” said Philip Petursson, chief investment strategist at IG Wealth Management. Still, the Toronto market has not escaped the volatility that has buffeted financial markets this year as central banks globally tighten monetary policy to tackle soaring inflation.
“Signs of cooling inflation make the case for the BoC to slow the pace of tightening, but we don’t think the coast is clear yet,” said Angelo Kourkafas, investment strategist at Edward Jones.
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