If nothing else 2015 was an eventful year in Canada. We covered it all, bringing you the Headlines every week. This year: the TSX tumbled, the loonie languished, oil prices plunged,
The TSX (Toronto Stock Exchange) suffered its worst year since 2011, falling 11% compared to last year. On April 15th the TSX reached 15 524 but tumbled 16% by December 31st. Many other major markets also suffered losses year on year, but to a lesser extent. The Dow was down 2.2%, the S&P500 was down less than 1% while the Nasdaq actually gained 5.7%.
Arguably the biggest story of the year was falling oil prices. Oil’s precipitous fall began in 2014 and continued to plunge through 2015. West Texas Intermediate dropped 38.6% for its worst year since 2009 by a significant margin. On December 31st oil prices sat at just $37.05 a barrel, a far cry from the $100+ prices of less than 2 years ago. Low oil prices have cost thousands of jobs in Alberta and have bogged down both the loonie and the TSX.
The loonie is down 16% this year – second to only the 18.6% drop suffered by Canada’s currency in 2008. On December 31st the loonie was worth just 72.34 cents US. With many commentators predicting that oil prices will remain low for the coming year, and unlikely to rebound to early 2014 levels until 2020, the loonie will likely continue to fly low.
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