Despite ongoing turmoil, portfolio managers expect the Toronto Stock Exchange (TSX) to finish
this year higher and hit record levels in 2023, according to a new poll from the Reuters News
Agency.

The Toronto Stock Exchange is expected to be driven higher by elevated prices for commodities
and energy products, which should give a lift to company earnings, according to the poll that
surveyed 24 portfolio managers and strategists between August 9 and 23.

The median expectation is for the S&P/TSX Composite Index to finish this year up 2% at
20,375. That’s below expectations of 21,183 made in a similar poll taken in May.

However, portfolio managers now expect the Toronto Stock Exchange to surpass 22,000 by the
end of 2023 and hit a new record high. The TSX’s all-time high was set on March 29 of this year
when it closed at 22,087.22.

Oil has pulled back from peak levels reached this past March but has still gained nearly 20%
since the beginning of this year. Together, the energy and natural resources sectors account for
29% of the Toronto Stock Exchange’s market capitalization.

The TSX has rallied nearly 10% since the start of July but remains down 6% on the year. The
index closed yesterday (August 23) at 19,985.35.