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Stock market performance in May seemed to disappoint many investors as there were no big victories for either the bulls or the bears. The ‘sell in May and go away’ crowd was clearly let down as stocks did manage to pull out gains in most major markets. But Canadian investors were once again let down as the gold and metal stocks pulled the index to a loss for the month despite stellar earnings reports from all five of the major Canadian banks. Financial stocks were the largest positive contributors to the Canadian market in May, but it was only a gain of 1% as insurance stocks lost ground and offset the gains in the banking sector. However, on a year-to-date basis, the Canadian market remains the strongest among the major industrialized economies, with a 2014 gain of 7.2% for the S&P/TSX Index.
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