Business
Canadian foreign holdings surge $6.1B
Ottawa | May 10, 2008 12:01:13 AM IST
Canadian acquisitions of foreign securities and foreign acquisition of Canadian stocks and bonds rose in February, Statistics Canada said Monday. During the month, the agency said Canadians sharply increased their foreign security holdings by $6.1 billion, while non-residents bought $3.8 billion worth of Canadian securities. The agency offered three explanations for the surges in February. The first was the Canadian short-term interest rates dropped 17 basis points to 3.24 percent while U.S. short-term rates fell 63 basis points to 2.12 percent. Secondly, Canadian stock prices increased 3.3 percent in February, while U.S. stock prices fell for a fourth consecutive month. Also in February, StatsCansaid, the Canadian dollar edged up 0.47 U.S. cents, trading just above parity at 100.09 U.S. cents the end of the month. In terms of non-residents' Canadian acquisitions, the majority -- $1.2 billion -- was in equities in sectors such as gold, mining and energy. (UPI)
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