In any rational sense, the S&P/TSX Composite Index breaching 30,000 briefly this past week for the first time is meaningless, notable only for our fascination with big, round numbers.
And yet, TSX 30,000 is a triumph worth celebrating. It is the culmination of a stock market revival as COVID-19 has faded that has seen Canadian equities trounce global benchmarks while nearly keeping pace with the super-heated U.S. market.
Analysis: Hello, sentiment shift: The TSX briefly hits 30,000 for first time ever
Over the past five years, the TSX has gained 87 per cent, which translates to a very solid 13.3-per-cent average return per year. That’s a tad shy of the S&P 500 Index, at 15 per cent. But well ahead of the 8.8 per cent average return posted by non-U.S. stocks.
In a year marked by economic humiliation, every indication that the country’s prospects remain alive ought to be appreciated.
The resiliency of Canadian companies is one of them.
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