Canada Stocks Drop, Capping a Weekly Loss as Gold Price Slumps
- Underperforming S&P/TSX poised to top U.S. in 2016: Belski
- Investors overly pessimistic on Canada, strategist says
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Canadian stocks fell, capping a weekly loss, as raw-materials producers retreated with gold prices tumbling to a five-year low amid increasing bets the Federal Reserve will raise interest rates next month.
The Canadian equity market, one of the worst-performing in the world this year amid a slump in commodities prices, is poised to beat its U.S. peers for the first time since 2010 next year as investors have gotten overly pessimistic, according to BMO Capital Markets Chief Investment Strategist Brian Belski.