Canada's main stock market notched on Friday its biggest gain since October...
TORONTO - Canada’s main stock market notched on Friday its biggest gain since October 2008, as Canada ramped up stimulus to ease the economic impact of the coronavirus outbreak, while the Canadian dollar edged higher after hitting an earlier four-year low.
Hopes of coordinated stimulus from world governments boosted stocks globally after several sessions of sustained, heavy losses on expectations of a global slowdown that could be prolonged. Nine of the TSX’s 10 main groups were higher, led by a 10.1% gain for the heavily-weighted financial services sector, while energy was up 5.6%.
“We’re penciling in two negative quarters in Q2 and Q3 at this point,” said Nathan Janzen, a senior economist at Royal Bank of Canada “Negatives from the virus and the oil price shock are too much to keep growth positive.”
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