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.
|  | | | More stories below advertisement | | | | Recent articles from Globe Investor | | | | | |
/arc-anglerfish-tgam-prod-tgam.s3.amazonaws.com/public/Y4HVEJGTYRC7LOMVATASA6P6IQ.JPG "The close: TSX tumbles over 5% on virus worries as BoC cuts to near zero")
Cash is the best asset class during this coronavirus crisis
