MARKET SUMMARY— September provided another weak showing for global equities as Canadian equity market continued trending lower. The broad based S&P/TSX Composite index lost another 3.67% on a total return basis for the month. Smaller capitalization stocks were hammered as the TSX Venture plunged, taking back 6.16% from investors over the same period. On a more encouraging note, a solid rebound in June and July’s GDP data may indicate suitable improvement for the Canadian economy which seems to have come out of the so-called technical recession.

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MARKET SUMMARY— Canadian equity markets continued to struggle with the broad based S&P/TSX Composite index shedding 4.04% on a total return basis through the month of August. The back-to-back decline of Canadian real GDP in the first and second quarters of this year lead to fear that the economy had fallen into recession, combined with ongoing concerns of continued weakness for commodities and the slowdown in the emerging markets, particularly a faltering economy in China. Smaller capitalization stocks also got hammered as the TSX Venture plunged, taking back 5.88% over the last month of the summer.

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MARKET SUMMARY— Canadian equity markets were flat to slightly down with the broad based S&P/TSX Composite index delivering a negative 0.32% total return for July. Canadian equity markets have lagged most of the developed world and have barely eked out a positive total return with year-to-date performance of +0.59%. The recurring theme of resource and commodity price weakness continues to weigh heavily on the energy and materials sectors, as valuations succumb to renewed pressures and corporate cash flow retracement driven by production cutbacks and further curtailment to corporate exploration programs.

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On July 5th Greek voters decidedly rejected a European Union and International Monetary Fund (IMF) lead bailout package in a simple YES, NO referendum. While extending a financial lifeline, the bailout package would have implemented strict conditions that see a range of further, painful austerity measures imposed on a country that already has an unemployment rate over 25%, where the average family income is at a 12-year low, and over 40% of children now live below the poverty line.

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MARKET SUMMARY— Canadian equity markets were stymied in May, dragged lower by selling pressure stemming from weakness in the energy and materials sectors, and to a lesser degree among industrials. The broader market S&P/TSX Composite index shed 1.22% on a total return basis over the month, a negative trend that has largely carried forward into the first three weeks of June. The smaller cap S&P/TSX Venture index fell 0.48%, and similar to its broader market cousin, extended this negative trend well into the current month.

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