BMO Capital Markets chief investment strategist Brian Belski is getting even more optimistic about Canadian stocks,
“According to our models, there has been both a fundamentally driven broadening out of performance and definitive shift toward more cyclical factors in the TSX so far this year. In fact, all eight of our factor profile categories and 40 of the 57 individual factors we follow are outperforming the S&P/TSX year-to-date. This is in stark contrast to 2023 when only 2 of the eight and 17 of the 57 individual factors outperformed the market.
Mr. Belski recommends a growth-at-a-reasonable-price strategy to benefit from the trend. Notable names on his Tactical GARP Opportunities Model Portfolio include Brookfield Corp., Canadian Apartment Properties REIT, Celestica Inc., Canadian Natural Resources Ltd., Cenovus Energy, Emera Inc., Equinox Gold Corp., Finning International, Manulife Financial, Magna International, Nutrien Ltd., Royal Bank, Telus Corp., and TC Energy Corp.
“On outlooks, the macro backdrop, and demand, we continued to see both positive and negatives highlighted. On the positive side, companies noted more capital raises in biotech, healthy travel demand, less concern about an economic slowdown broadly, resilient consumers, easier 2 nd -half comps, continued tech investment, ramping AI efforts, and reshoring.
“April data on Canadian existing home sales out next week should show that sales and prices are carving out a bottom … the market has been in correction mode ever since rate hikes pricked the pandemic bubble. Sales have steadied just below normal levels, while benchmark prices have found a floor after falling 14% from the roof. Given the 54% climb in the prior two years, that’s a fairly painless landing.
France Dernières Nouvelles, France Actualités
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