Analysts looking ahead to stocks in 2023 say Canada’s main stock market will benefit from its hefty financial and energy sectors. (REUTERS/Chris Helgren) Canadian stocks are set to outperform U.S. 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. 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. In Canada, 2022 saw shares of Shopify ( SHOP.TO )( SHOP ) almost single-handedly drag the market into the red as its stock plunged . 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 the U.S., the tech-heavy NASDAQ Composite ( ^IXIC ) collapsed 33 per cent last year. Meanwhile, strong energy prices favoured the resource-rich Canadian market, where energy stocks represent more than 18 per cent of the main index, topped only by financials at over 30 per […]
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