CANADA STOCKS-TSX drops on record GDP contraction in March, fears of biggest economic slump [Reuters]
Aphria Inc. (APHA)
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Source: Reuters
CANADA STOCKS-TSX drops on record GDP contraction in March, fears of biggest economic slump April 15 (Reuters) - Canada’s main stock index fell on Wednesday after data showed the domestic economy shrank a record 9% in March from February and as the central bank warned the coronavirus outbreak was set to trigger the biggest near-term economic downturn. * At 10:14 a.m. ET (1414 GMT), the Toronto Stock Exchange’s S&P/TSX Composite index was down 261.62 points, or 1.83%, at 13,996.81. * Statistics Canada said, in a flash estimate, the monthly decline in Canada’s gross domestic product in March would be the most since the series started in 1961 as the pandemic brought economic activity to virtual standstill. * The Bank of Canada held interest rates steady at 0.25%, as expected, and suspended its regular economic forecasts, citing exceptional uncertainty over the outlook. * The energy sector dropped 5.5%, as oil prices weakened on oversupply concerns. * U.S. crude prices were down 1.3% a ba
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