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Royal Bank of Canada’s capital markets division named Sara Mahaffy as head of Canadian equity strategy, marking the first time in a decade it’s had a dedicated strategist covering the domestic stock market.
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A spokesperson for the bank confirmed the appointment of Mahaffy, a McGill University graduate who has been working under Lori Calvasina, RBC’s head of United States equity strategy.
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In her note launching coverage of the S&P/TSX Composite Index, Mahaffy set a 12-month target of 38,600 for the benchmark, implying roughly seven per cent upside. That’s above the average 37,150-point target for the S&P/TSX, according to data compiled by Bloomberg.
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Prime Minister Mark Carney courted some of the world’s largest investment firms and sovereign wealth funds at a recent summit in Toronto, where he unveiled a tax break to stimulate investment. Mahaffy sees domestic policy, cash deployment, investor sentiment and positioning as “green flags” for the TSX and “no clear red flags.”
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She recommends investors overweight the consumer staples and energy sectors.
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“Canada has historically outperformed the U.S. when inflation is picking up, which could give an edge to Canada if pressures prove to be stickier,” Mahaffy wrote in a note.
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The S&P/TSX has climbed 13.4 per cent this year, outperforming the roughly 12 per cent gain of the S&P 500 Index, thanks in part to a heavy weighting in energy and financials. Combined, those two sectors make up more than 50 per cent of the benchmark.
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—With assistance from Laura Dhillon Kane.
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