The Daily Chase: How Bombardier roared back in 2021; What went wrong for pot stocks
BNN Bloomberg
The S&P/TSX Composite Index enters this final trading session of 2021 sporting a 22 per cent gain so far the year.
The S&P/TSX Composite Index enters this final trading session of 2021 sporting a 22 per cent gain so far the year. While that leaves Canadian stocks miles behind the world’s best-performing index (that title belongs to Mongolia’s MSE Top 20, which is up 130 per cent this year), it puts the TSX on par with the Nasdaq, ahead of the Dow Industrials, and only a few points behind the S&P 500. Today we’ll go in-depth on what powered the TSX higher this year and gauge the outlook for 2022. And on that latter note, keep an eye on BNNBloomberg.ca for a roundup of why some top strategists are bullish on the TSX for next year.
A REALLY AWFUL YEAR FOR POT STOCKS
At the risk of editorializing, but unless you’re shorting them, is there any other way to describe this past year for cannabis stocks on the Toronto Stock Exchange? Just one subgroup is in the reed this year: health care, which – as we know – is dominated by the country’s best known pot names. Once the industry heavyweight, Canopy Growth is the worst-performing stock on the TSX this year, with a negative return of almost 64 per cent. We’ll get analyst insight on what went wrong, and what the future holds, when Matt Bottomley, Canaccord Genuity’s director of equity research, joins Greg at 3:30 p.m.
BOMBARDIER: FROM DOG TO STAR (but for how long?)
After a woeful 2020, when its stock languished at the bottom of the TSX as it shed 75 per cent of its value, Bombardier came roaring back this year and enters today’s session as the fifth-best performing member of the composite index. Paige Ellis dug into what triggered the turnaround, and why the company still has plenty of detractors. Check out her reporting at BNNBloomberg.ca
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