BCA Research says that Canadian equities are the biggest beneficiary of high oil prices, while Japanese stocks are the most vulnerable.

“The impact of rising oil prices on equity markets is a function of the oil intensity of economic activity and the composition of stock market capitalization,” the firm said in a report Thursday.

“Japan has the largest weight in equity sectors that are consumers of oil, and the smallest weight in oil & gas stocks. In short, the Japanese market is the biggest direct loser from rising oil prices,” it notes. “Conversely, oil and gas stocks make up more than 20% of Canadian market cap, about double the share of oil consuming sectors.”

Apart from Canada, only Britain is a net winner of high oil prices, BCA said. “At the global level, rising oil prices are equity bearish given the substantially higher weight in oil consumers than oil producers,” it said. The world markets overall, Europe, the U.S., Australia and emerging markets are all net losers.