![]() ![]() With the fight between central banks and inflation expected to persist in 2023, Belski notes TSX stocks have outperformed the S&P 500 in seven of the last 10 rising interest rate cycles since 1979. "Overall, we believe the Canadian stock market will attain mildly higher prices from current levels, with a 2023 year-end price target of 22,500." in 2023, as valuations begin to converge," he wrote in a note to clients. "As such, Canada remains well-positioned for near-term outperformance which, in our opinion, will translate into mild outperformance versus the U.S. We believe investors should remain overweight Canada heading into 2023 Brian Belski, chief market strategist at BMO Capital Marketsīrian Belski, chief market strategist at BMO Capital Markets, says stocks on the Toronto Stock Exchange have thus far done a better job of repricing slowing earnings growth and fears of a recession in 2023. In the U.S., the tech-heavy NASDAQ Composite ( ^IXIC) collapsed 33 per cent last year. It was an about-face from earlier in the year, when the Ottawa-based e-commerce giant and pandemic-era investor darling dethroned Royal Bank of Canada ( RY.TO)( RY) as the nation's most valuable public company. In Canada, 2022 saw shares of Shopify ( SHOP.TO)( SHOP) almost single-handedly drag the market into the red as its stock plunged. High-valued tech stocks, a major contributor to strong North American equity markets in recent years, were a weight around the neck of both the S&P 500 ( ^GSPC) and Canada's S&P/TSX Composite index ( ^GSPTSE) last year. ![]() peers in 2023, according to experts who see the finance and resource-heavy market besting American indices with larger weightings in growth sectors like technology. (REUTERS/Chris Helgren)Ĭanadian stocks are set to outperform U.S. Analysts looking ahead to stocks in 2023 say Canada's main stock market will benefit from its hefty financial and energy sectors. ![]()
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