The Toronto stock market is headed toward the end of March with a solid 16.5 per cent gain from its recent 4 1/2-year low.

Analysts believe there is a chance those gains may be improved upon going into April. Andrew Pyle, a wealth adviser at ScotiaMcLeod, said the market has matched the percentage gain of a bear market rally since the late 1930s.

“The biggest rally that we have ever seen is about 62 per cent — so, clearly, we could keep going,” he said.

Pyle said the worry is that stock market investors, elated this month after a long drought of good news, will give their heads a shake next month and realize that most yardsticks still point to dismal conditions.

Low expectations

Investors will be gearing up for first-quarter earnings reports during April, and expectations are low.