Canada's main stock index is set to extend its rebound over the coming months as well as in 2021, but will fall short of previous expectations as the global economy struggles to fully recover from the coronavirus crisis, a Reuters poll found.
TORONTO - Canada’s main stock index is set to extend its rebound over the coming months as well as in 2021, but will fall short of previous expectations as the global economy struggles to fully recover from the coronavirus crisis, a Reuters poll found.
The median forecast in a survey of 25 portfolio managers and strategists was for the TSX to rise 2.9% to 15,590 by the end of 2020 from a closing level of 15,148.12 on Tuesday. In February, when the index notched a record high at 17,970.51, the forecast was 18,175.“Despite a deep recession, the current equity rally has legs,” said Dominique Lapointe, a senior economist at Laurentian Bank Securities.
“The bounce back in activity will be sharp coming out of very depressed levels. However, absent a medical breakthrough , it won’t be as vigorous later,” said Angelo Kourkafas, investment strategy analyst at Edward Jones. “We therefore believe GDP and earnings will take several years to reclaim the pre-crisis highs.”
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