Market Update

March 30, 2020

Latest market wrap
The close: TSX tumbles over 5% on virus worries as BoC cuts to near zero
The close: TSX tumbles over 5% on virus worries as BoC cuts to near zero
Canada’s main stock market resumed its slide after a three-day winning run as investors grew more nervous about the spread of the coronavirus pandemic and the Bank of Canada slashed interest rates to nearly zero.

The Toronto Stock Exchange’s S&P/TSX composite index was unofficially down 5.11%, or 683.43 points, at 12,687.74, while shares globally declined in a sign investors were focusing once more on the spread of the virus despite hopes for further stimulus measures to combat its economic impact.

The heavyweight energy and financial sectors led losses, falling 9.4% and 5.2%, respectively. Industrials were down 4.4%, while materials slid 6 per cent.

The Bank of Canada cut its key interest rate for the third time this month, reducing it by 50 basis points to its lowest level in a decade at 0.25%, in an effort to support Canada’s economy. It also launched what observers called its first ever quantitative easing program, saying it would buy government and commercial debt.

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