Click here to read Leon Frazer’s latest commentary on equity markets and the economy in general.

We closed our final commentary of 2015 by saying, “The first part of the recovery is almost always the steepest and quality companies that pay sustainable dividends do not remain out of favour for long.” It is nice to see the recovery well underway after the first quarter of 2016. The S&P/TSX Composite Total Return Index gained 4.5% after a wild ride that saw the Index down more than 10% in the first two weeks of the year, only to recover strongly in the last 6 weeks of the quarter. The S&P 500 Total Return Index followed a similar pattern, closing up 1.4% in local currency, however the Canadian dollar also rebounded 6.4%, hurting US-denominated returns in Canadian accounts for the first time in recent memory.

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