FILE PHOTO: The Toronto Stock Exchange sign is seen in Toronto, Ontario, Canada July 6, 2017. REUTERS/Chris Helgren TORONTO (Reuters) – Investors see value in Toronto’s commodity-linked stock market and expect it to rebound in 2019 as the global economy continues to grow and on hopes for the price of Canadian heavy crude to recover, a Reuters poll shows. The median forecast of 28 portfolio managers and strategists polled was for a more than 9 percent increase in the S&P/TSX composite index from its Monday close to 16,425 by the end of 2019. The TSE dipped 0.3 percent to 14,967 on Tuesday. Of 10 investors who answered a separate question on the index’s valuation, six said it was cheap and four said it was fairly valued. None said it was expensive. "We view the equity market in Canada to be attractively valued not only against its own history but also relative to the S&P 500 Index," said Philip Petursson, chief investment strategist at Manulife Investments. The price-earnings ratio, a measure of valuation, for the TSX is 14.2, according to Refinitiv Eikon data, much less than the 18.6 price multiple for the S&P 500. Toronto’s index has declined 9.5 percent […]
