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Canadian stocks bounced back in September, with a total return of 3.0%, pushing the quarterly gain to 3.7% and the year-to-date return to 4.4%. Those returns, though, have lagged that of the world’s other major stock markets, due mostly to the weakness in the Energy sector, which makes up a disproportionate of the Canadian indices. While the Energy sector jumped by over 10% in September, it remains down more than 15% so far in 2017, and it still accounts for over 20% of the SP/TSX Index, 2nd only to 34.4% weight of the Financials sector. Small cap stocks also under-performed the larger companies in both the third quarter (rising 1.8% versus 3.3% gain for larger SP/TSX60) and the year-to-date period (small cap index down 3.7% and SP/TSX60 up 2.4%). (more…)