But the sentiment seems to have changed this week, perhaps because the gains have gone too far, rising COVID-19 variants and concerns that the reopenings may be slower than everyone feared, said Greg Taylor, chief investment officer of Purpose Investments. It feels like this week we ve had really a set change in the market, that it feels like people are getting a little more cautious on the cyclical trade, he said in an interview.
The result was a selloff in the energy sector, along with weakness in materials and financials.
All three were lower on Friday to pull the S&P/TSX composite index down 198.18 points or one per cent to 19,985.54, its lowest close in six weeks.
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