In the third quarter of 2026, the S&P/TSX rose by 1.6%. Meanwhile, the S&P 500 increased by 2.3%, while the MSCI ACWI ex-USA posted a more modest increase of 0.6%.
At the end of the 12-month period ending September 30, the NQICAT recorded the strongest performance, with a gain of 26.4%. The MSCI ACWI ex-USA increased by 20.5%, while the S&P/TSX advanced by 20.0%. The S&P 500 gained 15.7% over the same period.
The NQICAT also outperformed the broader market during the third quarter, reporting a quarterly increase of 4.5%, compared with 2.3% for the S&P 500, 1.6% for the S&P/TSX, and 0.6% for the MSCI ACWI ex-USA. On a year-to-date basis, the NQICAT increased by 18.1%.
The top-performing TSX sectors for the third quarter included Energy, which rose by 18.2%, Materials, which increased by 12.9%, and IT, which gained 10.8%. Seven of the ten sectors posted negative returns during the quarter. Telecom recorded the largest decline at 9.3%, followed by Utilities at 7.2% and Consumer Discretionary at 5.9%.
The leading quarterly performers in the NQICAT were Mineros S.A. (MSA.TO), which increased by 55.4%, followed by Wesdome Gold Mines Ltd. (WDO.TO) with a gain of 44.5% and Dundee Precious Metals Inc. (DPM.TO), which rose by 36.4%. On the other hand, the weakest performers included Hammond Power Solutions Inc. (HPS.A.TO), which declined by 18.6%, Intact Financial Corporation (IFC.TO), which fell by 15.5%, and Extendicare Inc. (EXE.TO), which decreased by 14.6%.