December 2024 marked the beginning of a bearish turn in the markets. The S&P/TSX exhibited a decline of 3.3%, which was greater than the S&P 500’s decline of 2.4%. The MSCI ACWI ex-USA decreased by 1.9%.
The 12-month performance metrics revealed more pronounced variations: the S&P 500 led with an exceptional 25% growth, while the S&P/TSX and MSCI ACWI ex-USA recorded 21.7% and 12.4%, respectively.
The NQICAT index failed to achieve the market return, registering a monthly decline of 4.5% in December and a 12.4% annual performance.
Sector-level analysis for December highlighted the top and bottom performers. All sectors declined except for Consumer Staples, which was the top performer with a 0% change. Telecom and Materials experienced the largest declines, with decreases of 9.2% and 5.3%, respectively.
Within the NQICAT, the few gains were seen in BRP Inc. (+7%), Tourmaline Oil Corp. (+1.2%), and Emera Incorporated (+0.6%). Conversely, the biggest declines were in Imperial Oil Limited (-14.6%), EQB Inc. (-11.6%), and Hammond Power Solutions Inc. (-9.6%).
