BUSINESS

Non-resident investment in Canadian securities slowed in August: StatsCan

10/17/2013 08:47 EDT | Updated 01/23/2014 06:58 EST
OTTAWA - Statistics Canada says non-resident investment in Canadian securities slowed to $2.1 billion in August and was focused on corporate debt instruments.

The federal agency says Canadian investment in foreign securities rose to $5.7 billion, the largest investment since November 2012.

Foreigners bought $3.3 billion in corporate bonds in August, while reducing their holdings of government bonds by $1.2 billion.

Meanwhile, Statistics Canada says that between January and August, foreign investors reduced their holdings of Canadian government bonds by $2.4 billion, compared with an acquisition of $28.7 billion for the same period in 2012.

Foreign investors sold a net $2.2 billion of Canadian equities in August, following four straight months of purchases that totalled $8.2 billion.

On a sector basis, pharmaceutical, energy, gold and resource shares accounted for the bulk of the divestment.