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Lagging UK Stock Market Falling Behind Canada in Value Ranks

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The UK stock market is falling behind Canada in value of listed companies, dealing yet another blow to London’s meandering equity market, which has been eclipsed by ascending exchanges like India in recent years.

Geoffrey Morgan, Stephanie Hughes, and Joe EastonBrian Belski, chief investment strategist of BMO Capital Markets, joins BNN Bloomberg to discuss his 25,500 year-end target for the TSX.

The move took the UK to seventh place on a list of global stock markets by value, behind the US, China, Japan, Hong Kong and India, which surpassed the UK in 2021. Paris also overtook the London market in 2022, but political turmoil in France allowed the UK to reclaim its spot as the largest equity market in Europe earlier this year.

Toronto, meanwhile, is more heavily weighted toward cyclicals, which have all surged and led the benchmark S&P/TSX Composite to 29 record highs this year as the Bank of Canada led the Group of Seven economies in embarking on three rate cuts. A relatively larger weighting of high-growth tech companies, thanks in large part to Shopify Inc. and Constellation Software Inc., has helped Canada, too.

Of course, equity-market capitalization aside, Toronto is still a long way from overtaking London as a financial hub. London is ranked second only to New York on the Global Financial Centres Index, well ahead of Toronto, which is ranked 23rd. Moreover, 11% of the world’s assets are managed in the UK, second only to the US, according to the Investment Association.

London’s reputation as a listing venue for global firms has suffered several blows in recent years. British chipmaker ARM Holdings Plc opted to go public in New York, while firms including Flutter Entertainment Plc and Indivior Plc have chosen to switch their main share listings to the US.

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