Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

TSX in the Red; First Horizon Slides 38% Below TD's Offer On SVB Crisis Contagion

Published 2023-03-13, 01:42 p/m
© Reuters
SIVBQ
-
GSPTSE
-

By Ketki Saxena 

Investing.com – The TSX traded in the red this afternoon, even as Wall Street indices rebounded following bets that the US Federal Reserve will hold rates at its next meeting as the SVB crisis sparks fears about systemic financial instability reminiscent of the 2008-2009 crisis. 

The commodity heavy Canadian index meanwhile was pressured by a slide in crude prices as SVB fears and worries of systemic financial instability sparked fears of a global recession. 

The Biggest Stories on Bay Street 

Analysts are now casting doubt on whether Toronto-Dominion Bank (TSX:TD) will follow through with its planned US$13.4 billion takeover of First Horizon Corp after shares of First Horizon slid over 38% below TD’s offer of $25 per share. As the SVB crisis sparked fears for regional banks, First Horizon Corporation (NYSE:FHN)shares fell 23% by noon before trading being temporarily halted due to volatility. 

Canadian Stocks Moving Markets Today 

Top Gainers: 

  • Equinox Gold Corp (TSX:EQX)
  • First Majestic Silver Corp (TSX:FR)
  • Torex Gold Resources Inc (TSX:TXG)

Top Losers:

  • Africa Oil Corp (TSX:AOI)
  • Transcontinental Inc (TSX:TCLa)
  • Bombardier Inc (TSX:BBDb)

In Canadian Economics 

Statistics Canada says the ratio of household debt to disposable income improved in the fourth quarter. Household credit market debt as a proportion of household disposable income edged down to 180.5% in the fourth quarter, compared with 184.3% in the third quarter. The reading means there was $1.81 in credit market debt for every dollar of household disposable income. 

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.