BUSINESS

Foreigners sold off Cdn securities for third straight month in March

05/17/2012 08:58 EDT | Updated 07/17/2012 05:12 EDT
OTTAWA - Statistics Canada says foreign investors reduced their holdings in Canadian securities for the second time in two months in March, selling off $2.1 billion in mostly debt instruments.

Meanwhile, Canadian investors bought $7.8 billion in foreign securities in March, the biggest monthly acquisition in nearly five years.

These purchase were concentrated in equities.

Non-residents sold $1.5 billion in Canadian money market instruments in March, the third straight month of divestment.

Most of the sell-off was in treasury bills.

In the first quarter, non-residents cut their holdings of Canadian short-term paper by $7.7 billion, following three quarters of rising investment.