Canada’s biggest banks have shed almost $49 billion in market value in March, making a loser of the country’s benchmark stock index while U.S. equities are rising.
The S&P/TSX Composite Index is heading toward a 0.6 per cent decline for March thanks to financials, its largest sector weighting. Canada’s biggest lenders are being buffeted by turmoil in the banking sector thanks to large holdings in U.S. regional banks, including Toronto-Dominion Bank’s stake in Charles Schwab.
TD is headed for its worst month since June 2022 and has shed $18.6 billion in market value of the period.
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