The month of March marked an important change in tone for market sector performance on both sides of the border. The leading market themes of 2013 suffered painful corrections while strength in previously lagging industries provided optimistic signs of a resurgent U.S. economy.
South of the border, the high-multiple top performers of last year had an extremely difficult month. The trend was particularly apparent in the biotechnology sector. The S&P 500 Pharmaceuticals, Biotechnology and Life Sciences Index fell 4.1 per cent for the month after providing investors with an impressive 42 per cent return for 2013.