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Stocks continued to grind higher after going through a ‘mini-correction’ of under 5% through the end of July and early August. The S&P/TSX Composite Index gained another 2.07% in August, pushing to a record high, but almost two years after most major stock markets hit their record highs. The gains were broadly based with smaller stocks participating to a larger degree. The Consumer Discretionary sector was the big winner in August, gaining over 6% on the announced merger between Tim Hortons and Burger King. Energy stocks also bounced back despite weaker oil prices. Financials lagged the overall market, gaining only 0.1% as investors were unimpressed with record earnings from the big six banks. Basic Materials also lagged the overall market on a 5.2% drop in the mining index, which is somewhat of a negative since the cyclical and resource sectors should be exhibiting stronger leadership at this point in the economic cycle. (more…)