MARKET SUMMARY— Canadian equities continued to struggle in the third quarter with the S&P/TSX Composite delivering a total return of 1.37%, negatively impacted by losses in Energy (-5.7%), Materials (-12.9%) and Consumer Discretionary stocks (-8.0%). Counteracting the negative; Financials, Health Care and Technology trended upward, keeping the index total returns in positive territory on a year-to-date basis.

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MARKET SUMMARY— Canadian equity markets rallied in the second half of the year but stock performance lagged on a global relative basis despite Canada having one of the strongest performing economies of the G7 in 2017. The TSX Composite and Venture returned 9.1% and 11.6% respectively for 2017. The Bank of Canada cautiously maintained the overnight rate at 1% in December amidst a robust economic backdrop, NAFTA uncertainty and timid inflation.

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MARKET SUMMARY— Canadian equities have been laggards on a global relative basis with the S&P/TSX Composite and S&P/TSX Venture each returning less than 2% year-to-date. August was however a positive month as both the Composite and the Venture advanced 67 bps and 86 bps (total return) respectively. The Bank of Canada moved a second time in September, lifting the overnight rate to 1% and signaling their expectations for more rapidly accelerating economic conditions at home.

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MARKET SUMMARY— Heading into November, it was a very close race on who America would elect as their new President and what effects this would have on global financial markets. With uncertainty elevated, the potential for a strong negative market reaction to a Republican victory ran high. Fortunately however, Trump’s win did not create the market reaction that some had feared.

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