March 16, 2018 / 12:47 PM / a month ago

Foreign investors resume purchases of Canadian securities in January

OTTAWA (Reuters) - Foreign investment in Canadian securities resumed in January after a dip in December but fell far short of the monthly purchases seen in much of the second half of 2017, Statistics Canada said on Friday.

The moon rises behind the skyline and financial district in Toronto, November 25, 2015. REUTERS/Mark Blinch

Non-residents bought a net C$5.68 billion ($4.34 billion) in January, significantly down from the monthly average of around C$18.40 billion seen over July to November last year.

International investors bought C$6.12 billion worth of money market paper, the most since October 2016. Purchases of private corporate paper - mainly denominated in foreign currencies - accounted for the bulk of the investment.

Foreigners also bought C$2.91 billion worth of Canadian stocks, reflecting domestic merger and acquisition activity, while selling C$3.34 billion in bonds.

Canadians bought C$13.25 billion in international securities in January, most of it in stocks, after snapping up an all-time high C$21.99 billion in December. The two-month total is a new record.

($1=$1.31 Canadian)

Reporting by David Ljunggren; Editing by Bernadette Baum

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