MARKET SUMMARY— Global equity markets were hammered through the last month of 2015 and further punished during the first month of 2016. The Canadian bell weather S&P/TSX Composite gave back 3.41% to end the year, and proceeded to lose a further 1.44% in January. On a full year basis for 2015, the S&P/TSX handed investors a loss 11.09%, while the smaller capitalization S&P/TSX Venture index returned negative 24.42%. The high dependency of the Canadian economy on resources sectors and their concentration in our equity indices, in conjunction with a commodity death spiral, made Canadian equity markets among the worst global performers in 2015.
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