S&P/TSX Composite
TSX · CAD
Resources, rails and rare compounders.
The TSX is the third-largest mining exchange in the world and home to dominant banks, rails and a small but powerful tech ecosystem (Shopify, Constellation Software). Stable institutions, USD-correlated economy.
Sector breakdown
What drives the index
Financials
30%Big Six oligopoly: RBC, TD, BMO, Scotia, CIBC, National.
Energy
17%Oil sands majors and pipelines.
Materials
12%Gold, copper, potash. Third-largest mining hub globally.
Industrials
13%Canadian National & CP Rail — duopoly.
Technology
10%Shopify, Constellation Software.
Top companies
The franchises that matter
Royal Bank of Canada
Largest Canadian bank by market cap.
Shopify
Global e-commerce platform.
Enbridge
Largest energy infrastructure in North America.
Canadian National Railway
Coast-to-coast rail network.
Constellation Software
Serial acquirer of vertical-market software.
Latest News
Canada hasn't had a major bank failure since 1923 — the oligopoly is fortress-like.
Constellation Software has compounded at ~30% annually for over 15 years.
Canada's oil sands hold the world's third-largest proven oil reserves.
- Banking oligopoly
- Resource leverage
- USD-correlated
- Housing leverage
- Oil price exposure
- Productivity gap vs. US
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