Foreign investment in Canadian securities hit a five-month high in April as non-residents targeted the bond market after four straight months of divestment, Statistics Canada said on Friday. Outsiders bought a net C$9.13 billion ($6.97 billion) of securities in April, the most since the C$20.00 billion they racked up last November.
Foreigners purchased a net C$8.79 billion in bonds as they focused on new corporate issues denominated in foreign currencies. They sold off federal government bonds for the fifth straight month.
Non-residents also bought C$2.41 billion worth of Canadian stocks - focusing on the finance and insurance sector - while selling off C$2.07 billion in money market paper.
Canadian investors reduced their holdings of foreign securities by a net C$652 million as they sold off a record C$11.25 billion in US shares. At the same time they invested in non-US foreign shares as well as bonds while disposing of money market paper.