Global markets hit with US$20-trillion in losses during coronavirus sell-off [Toronto Globe and Mail (Ontario, Canada)]
Cenovus Energy Inc (CVE)
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Source: Toronto Globe and Mail
Global markets hit with US$20-trillion in losses during coronavirus sell-off A merciful respite from the pandemic panic in stock markets on Tuesday gave investors the chance to survey the extent of the damage so far, and the cost is a heavy one – US$20-trillion wiped out from global markets over the course of a brutal sell-off. In Canada, it was only a little over three weeks ago that the S&P/TSX Composite Index rang in a record high, at which time the total market capitalization of the companies in the index was $2.74-trillion. The ensuing seismic shift in market sentiment reduced the market value of Canada’s benchmark index to $1.89-trillion by the time the closing bell ended a chaotic session on Monday. Since the start of last week, three trading days have had double-digit drops in Canadian stocks. “From an orderly selloff in February, March has been pure madness so far with fears taking hold of investors, where the rush for safety led to indiscriminate selling,” Hugo Ste-Marie, a
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