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Banks, not commodities, now steer Canada’s market trends Add to ...

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A funny thing happened in the Canadian stock market through the latest commodity dip: nothing. Or close to it.

As metals and crude oil prices stumbled through late winter, the S&P/TSX composite index was uncharacteristically composed for a market heavily concentrated in natural resources.

“It used to be you could just look at a commodity index, and you’d easily be able to guess what the stock market did,” said David Rosenberg, Gluskin Sheff + Associates’ chief economist. “Today it probably has more to do with loan delinquency rates, wealth management and capital markets, and less to do with lumber prices.”

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