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2023 was a year of caution as bank and real estate stocks underperformed owing to rising credit risk. While oil stocks maintained their cyclical high as the Israel-Hamas war broke, renewable energy stocks slumped as balance sheet debt became difficult to manage. Amid the rising debt burden and lowering consumer demand, tech stocks made a comeback this year after bottoming out in October 2022.
The economy held off in 2023 as inflation slowed without triggering a full-blown recession. However, Canadians felt the impact of the recession, with grocery bills touching the roof.
As we head to a new year, it is time to review 2023 and learn from the mistakes we made.
Best-performing TSX stocks of 2023
Tech stocks took a hit from the 2022 bubble burst. Shopify (TSX:SHOP) stock was among the biggest losers as it lost 78% value. The business also saw a huge wave of pandemic-struck shops opening…
