RESULTS at a glance – 4Q25
In spite of tariffs, international stocks (including Canada here) surged in 2025, achieving a rare victory over US stocks which themselves put up respectable performance. Bond yields have meanwhile demonstrated market jitters, rising in Canada and remaining relatively high in the US despite rate cuts. The Loonie managed to grow against the Greenback despite a rough year for oil, and gold experienced an unprecedented surge in value, reaching an all time high of over $4,600 before settling lower.
Read more in Perspectives d'investissement.
| MARKETS | YR-END 31-Dec-25 | YR-END 31-Dec-24 | CHANGE THIS YEAR |
| S&P/TSX Composite | 31,713 | 24,728 | 28.3% |
| S&P 500 | 6,846 | 5,882 | 16.4% |
| EAFE | 2,893 | 2,262 | 27.9% |
| GoC 10-Year | 3.44% | 3.22% | 22bps |
| US Gov 10-Year | 4.14% | 4.57% | -43bps |
| CAD$ / US$ | 0.730 | 0.695 | 5.0% |
| WTIC Oil | $57.42 | $71.72 | -19.9% |
| Gold | $4,308.00 | $2,610.90 | 65.0% |
Returns are based on price change only, and exclude dividends. Foreign indices are in USD.
Source: National Bank Financial, Monthly Market Performance as of December 31, 2025