The Globe and Mail reports in its Saturday edition that the S&P/TSX Composite Index breaching 30,000 briefly last week for the first time is a triumph worth celebrating. The Globe's Tim Shufelt writes it is the culmination of a stock market revival as COVID-19 has faded that has seen Canadian equities trounce global benchmarks while nearly keeping pace with the superheated U.S. market. Over the past five years, the Toronto Stock Exchange has gained 87 per cent, which translates to a 13.3-per-cent average return per year. That is a tad shy of the S&P 500 Index, at 15 per cent, but well ahead of the 8.8-per-cent average return posted by non-U.S. stocks. In a year marked by economic humiliation, every indication that the country's prospects remain alive ought to be appreciated. The resiliency of Canadian companies is one of them. After several years in the wilderness, the Canadian stock market has once again become a fine place to build wealth. Some people insist it always was: some of the most profitable banks in the world, resources galore, dividends, gold. Evidently, artificial intelligence is not the only path to making money in stocks these days. "The bull case has arrived," said BMO's Brian Belski in a note.
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