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Scotiabank Adjusts Top 30 Canadian Stock Picks Amid Market Volatility and Sector Shifts

Finance · Investment Banks/Brokers · globe_inside_market · 2026-09-03

Scotiabank strategist Jean-Michel Gauthier has updated the SQoRE Canada Top 30 list, reflecting tactical shifts in energy, gold mining, and financial sectors.

What Happened

Portfolio Adjustments: Scotiabank's latest SQoRE Canada Top 30 update introduces six changes to its model portfolio, including the addition of gold miners like DPM and BTO. The firm also executed a swap within the energy sector, replacing PXT with BTE, while removing CURA and EIF to rebalance the list.

Market Volatility: Strategist Jean-Michel Gauthier notes that momentum factor returns remain highly volatile, with U.S. market metrics showing signs of stress comparable to historical bubbles. While Canadian banks recently delivered strong earnings beats, the market reaction was muted as valuations had already reached extreme levels earlier this summer.

Canada as a Diversifier: MSCI strategist Raman Aylur Subramanian highlights Canada as an attractive destination for global portfolio diversification due to its unique sector composition. Unlike the U.S. market, which is heavily concentrated in technology, Canada offers significant exposure to financials, energy, and materials with strong global revenue ties.

Commodity and Energy Trends: Commodity analysis from BC Capital Markets points to rising U.S. LNG export capacity, which is projected to reach approximately 20 bcf/d by the end of 2026. Meanwhile, geopolitical tensions in the Strait of Hormuz continue to impact shipping logistics, with rising risks for seafarers and an increase in dark transit operations.

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