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Canadian banks erase $19.7 billion in value on SVB contagion - BNN Bloomberg

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The fallout from Silicon Valley Bank’s collapse has led to a continent-wide selloff in financial stocks erasing $19.7 billion in value from Canada’s top banks in the last four days.

Some of the nation’s biggest banks, including Bank of Nova Scotia, Bank of Montreal and Toronto-Dominion Bank fell more than 2 per cent on Friday. With banking equities far and away the largest sector by weighting of the S&P/Toronto Stock Exchange Composite Index, Canada’s main stock benchmark slumped more than the S&P 500 as the biggest U.S. bank failure in more than a decade roils the market.

“Liquidity positions across the Canadian banks are strong,” CIBC Capital Markets analyst Paul Holden wrote in a note defending Canada’s financial sector. There could be other consequences though. TD is the largest shareholder in Charles Schwab. The Texas-based brokerage is on track for its worst two-day drop in years.

 

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