"The S&P/TSX soared more than 40% from an April 8 low, putting the gauge on track to end 2025 with a 29% advance, trailing only 2009's 31% gain for the best ever. The index notched a record 63 new all-time highs along the way, owing to a steady march higher over the year's final seven months. Miner and bank stocks have been central to the rally, with the materials subindex doubling on the back of rallies in gold, silver, copper and palladium."
""The numbers themselves are somewhat jaw dropping," said IG Wealth Management chief investment strategist Philip Petursson by phone. "But, I mean, you could sit there and say this is still a well-balanced market that has further upside in 2026." The fuel for the rally that powered precious metals to new records may not be spent. Three Federal Reserve rate cuts were a boon to an asset class that doesn't pay interest. The US central bank is expected to cut twice in 2026."
Canadian equities closed 2025 with the second-best year this century, rising 29% after a 40% rally from an April low. Political tensions and tariff threats initially pressured markets, but tariffs were rolled back and policy shifts eased investor jitters. Miners and financials drove the rally; the materials subindex doubled on metal rallies while financials jumped 40%. Tech firms Shopify and Celestica added meaningful gains. The S&P/TSX set 63 new highs as Federal Reserve rate cuts boosted non-yielding precious metals, and the Fed is expected to cut rates twice in 2026, supporting further upside potential.
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