November 16, 2018 / 1:53 PM / a month ago

Foreign investment in Canada securities up sharply from year low

OTTAWA (Reuters) - Net foreign investment in Canadian securities jumped to C$7.70 billion ($5.83 billion) in September from a year-low C$2.63 billion in August on higher purchases of money market paper, Statistics Canada said on Friday.

Despite the surge, non-resident purchases of Canadian bonds, stocks and money market paper slumped to C$73.48 billion in the first nine months of the year from C$144.62 billion in the same year-ago period.

Foreigners bought C$6.85 billion worth of money market instruments in September, the largest such investment since October 2016, focusing largely on treasury bills and provincial government paper.

Non-residents also bought C$1.18 billion in Canadian stocks, the lowest amount in four months, while selling off C$339 million in bonds.

Canadian investors resumed their acquisition of foreign securities in September with purchases totaling C$10.59 billion, mainly non-U.S. foreign instruments. This followed a divestment of C$288 million in August.

($1=$1.32 Canadian)

Reporting by David Ljunggren; Editing by Susan Thomas

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