TORONTO, March 15 (Reuters) - Canada's main stock index
fell 1.6% on Wednesday, dragged down by energy and financial
stocks as Credit Suisse spooked world markets, renewing concerns
of a banking crisis.
By provisional close on Wednesday, the Toronto Stock
Exchange's S&P/TSX composite index was down 315.32
points at 19378.84, its worst day since December 2022.
"We're back to the volatility of 2022," Barry Schwartz,
portfolio manager at Baskin Financial Services, told Reuters.
"2022 was one of the most volatile years we've ever seen. It was
a little bit calmer this year but here we go again."
Canadian financial stocks fell 1.9% on Wednesday,
mirroring global financial stocks in falling once again,
following a brief relief rally on Tuesday, as Credit Suisse hit a record low after the Swiss lender's biggest
backer said it would not buy any more shares.
Credit Suisse's sharp decline stoked fears of a banking
crisis amid the aftermath of the collapse of U.S. banks Silicon
Valley Bank (SVB), which has a branch in Canada, and Signature
Bank.
Energy stocks proved the worst-performers on Wednesday,
ending the day down 5.4% after oil prices slumped to their
lowest in at least five months.
Both crude benchmarks hit their lowest since December 2021
and have fallen for three straight days.
Brent crude fell 4.1% to $74.26 a barrel. U.S. West
Texas Intermediate crude (WTI) was down 4.3% at $68.27.
Technology stocks dropped 1.3% while the materials
group , which includes precious and base metals miners
and fertilizer companies, also fell 1.5% on Wednesday.
The Toronto market's industrials and utilities sectors
escaped the losses on Wednesday, up 0.8% and 0.2% respectively.
Canadian Pacific Railway ended the day up 5.7% after
the U.S. transport regulator approved its $31 billion deal to
acquire U.S. railroad Kansas City Southern with conditions.
(Reporting by Maiya Keidan; Editing by Daniel Wallis)
Messaging: maiya.keidan.thomsonreuters.com@reuters.net))
