Energy and materials companies now constitute about 31.07 per cent of the S&P/TSX Composite Index, surpassing Canada’s banks, insurers and asset managers, which have a 30.9 per cent weighting.
Oil and metals stocks have been on a tear this year as investors sought haven assets with markets reeling from a tight oil market, economic growth uncertainty and a rising interest-rate environment.
Bank stocks, on the other hand, have been held back for all the same reasons as the U.S.
The S&P/TSX Energy Sector Index has rallied 34 per cent this year and the S&P/TSX Materials Index climbed 26 per cent, while financials have dropped 1.4 per cent.
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