After a massive decline in the first quarter, Canadian equities have steadily risen and are approaching all-time highs once again. The recovery has been helped by the returns of the S&P TSX index's largest weight, Shopify Inc., which has increased more than 170% from the March lows. Meanwhile, the banking and energy sectors are still down more than 10% year-to-date.
Rebound in Canadian equities led by Shopify, while banks and energy lag
Revenues fell almost 10% year-over-year for S&P TSX companies, in line with lowered expectations. Energy was the hardest-hit sector, while financials and technology firms had increases.