From Suncor to Shopify, Canada Stocks Whipsaw on Recession Fears

The S&P/TSX Composite Index declined 11% in the first half of 2022 as recession fears weighed on the value-heavy market, outperforming the S&P 500 Index, which fell 21%. Underscoring the market effects of inflation, Suncor Energy, one of Canada’s largest energy companies, soared 43%, while Shopify Inc. plunged, losing more than C$170 billion in market capitalization.

Nine of the top 10 performers on the S&P/TSX are energy stocks, with Spartan Delta Corp. and Athabasca Oil Corp. leading gains with 109% and 107% increases respectively.Meanwhile, financial stocks have spiraled as rising interest rates and record inflation spook investors. Banks and insurers, which make up nearly one-third of the broader market, have weighed on the benchmark.

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