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From Suncor to Shopify, Canadian stocks whipsaw on recession fears - BNN Bloomberg

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This was supposed to be a blowout year for Canadian equities, benefiting from soaring commodity prices and a rebound in consumer spending. Instead, the country’s benchmark index is slumping amid the global stock selloff.

This was supposed to be a blowout year for Canadian equities, benefiting from soaring commodity prices and a forceful post-pandemic rebound in consumer spending. Instead, the country’s benchmark index is slumping amid the global stock selloff, though not as badly as its US counterpart.

Soaring oil prices boosted energy stocks, which are up 24 per cent this year. Oil and gas stocks may have more room to run. Earnings in the sector are expected to skyrocket, with the blended forward 12-month average earnings per share expected to jump 59 per cent, compared with 30 per cent for the S&P/TSX and 20 per cent for the S&P 500, according to Bloomberg data.

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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The last time oil was this high, the CAD was worth more than the USD and my PM portfolio was at ATH. Today, pffffff. What gives?

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