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Toronto Stock Exchange Ends 2022 Down 8.5%

The Toronto Stock Exchange posted a decline of 8.5% in 2022 but managed to outperform the main U.S. indices thanks to a strong performance by commodities.

In America, the Dow Jones Industrial Average (DJIA) posted a negative return of 8.88%, while the benchmark S&P 500 index fell 19.24%, and the technology laden Nasdaq index had a negative return of 33.63% for 2022.

The biggest drag on the Toronto Stock Exchange last year included healthcare, technology, and real estate stocks. Among the worst performing stocks in Canada were Bausch Health Companies (BHC), down 76%, Shopify (SHOP), down 70%, and Canopy Growth (WEED), down 73%.

Stock markets around the world had a volatile 2022 as inflation exceeded 30-year highs in most regions and central banks aggressively raised interest rates to lower consumer prices. In the U.S., equities had their worst annual performance since the 2008 financial crisis.

One bright spot in Canada that led the Toronto Stock Exchange to outperform its American peers were strong commodity prices, notably in the energy sector.

Among the top performing stocks in Canada during 2022 were Spartan Delta Corp. (SDE), up 141%, Precision Drilling (PD), up 121%, and Athabasca Oil (ATH), up 98% on the year.

Global price increases for crude oil and natural gas, as well as for commodities ranging from wheat to potash, drove most of the 2022 gains in the Toronto Stock Exchange.

The price of crude oil reached a peak of $123.70 U.S. per barrel in 2022. It has since fallen to under $80 U.S. a barrel.