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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