March 2025 marked a continued period of losses for the Canadian and US markets. The S&P/TSX declined by 1.5%, while the S&P 500 fell by 5.6%. In contrast, the MSCI ACWI ex-USA fell 0.1%.
The 12-month performance metrics highlighted the S&P/TSX has now outpaced the S&P 500 with a 15.7% annual gain, compared to the S&P 500’s 8.5%. Both indices continue to outperform the MSCI ACWI ex-USA, which recorded a 7.3% one-year return.
The NQICAT index underperformed the broader market, registering a monthly decline of 1.7% in March and a 1.7% annual performance.
Sector-level analysis for March identified the best and worst performers. Materials, Energy, and Consumer Staples led the gains, rising by 7.2%, 5.6%, and 3.6%, respectively. Conversely, Information Technology, Consumer Discretionary, and Healthcare experienced the largest declines, falling by 11.6%, 4.0%, and 3.9% respectively.
Within the NQICAT, the top three gains were found in The North West Company (NWC.TO), which rose by +9.2%, while Canadian Natural Resources Limited (CNQ.TO) and Imperial Oil Limited (IMO.TO) gained +8.4% and +6%, respectively. On the other hand, TFI BRP Inc. (DOO.TO) experienced the most significant loss with a decline of -15.3%, followed by International Inc. (TFII.TO) at -15.1% and Hammond Power Solutions Inc. (HPS.A.TO) at -10.7%.
