August 17, 2015 / 12:35 PM / 2 years ago

UPDATE 1-Foreign investment in Canadian securities picks up in June

OTTAWA, Aug 17 (Reuters) - Foreign investment in Canadian securities picked back up in June as portfolio adjustments saw investors push into the money market, data from Statistics Canada showed on Monday.

Non-residents bought C$8.51 billion ($6.47 billion) in Canadian assets, more than offsetting May’s decline. Foreigners sold C$8.86 billion in Canadian bonds, reflecting retirements of provincial and corporate bonds.

But investment in the Canadian money market reached a record C$12.04 billion. Foreigners also upped their equities’ holdings by C$5.33 billion, despite a more than 3 percent decline in the benchmark Canadian stock market in June.

Canadians bought C$8.57 billion in foreign securities in the same month, with investments concentrated in non-U.S. securities. Canadian investment in foreign securities was C$24.2 billion in the second quarter, the highest in eight years.

International transactions in securities created a net outflow of funds from the Canadian economy of C$4.4 billion in the second quarter.

$1 = $1.3145 Canadian Reporting by Leah Schnurr; Editing by Bernadette Baum

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