S&P/TSX composite falls to lowest level in four weeks ahead of federal election
TORONTO —
Canada’s main stock index closed at its lowest level in nearly four weeks as its largest sectors came under pressure ahead of Monday’s federal election.
A confluence of factors affected markets on both sides of the border, including weak economic news out of China, rising COVID cases, U.S. infrastructure plan uncertainty and some uneasiness heading into the upcoming election, said Kevin Headland, senior investment Strategist at Manulife Investment Management.
With another minority government expected in Ottawa, there is uncertainty over Liberal and Conservative tax plans.
“Typically, the election results in Canada do not really have much of an effect on the broad market,” Headland said in an interview, “but what we’ve seen leading up to prior elections is a sense of uneasiness, and the markets don’t like uncertainty.”
“Just given that (it’s) the Friday before the election on Monday, perhaps there’s…
