home Business & Finance Global turmoil sends Canadian stock sales to lowest in 16 years

Global turmoil sends Canadian stock sales to lowest in 16 years

Companies raised about $12 billion in Canadian equity and equity-linked financings in the first six months.Brent Lewin/Bloomberg files

Canada had its slowest start for stock sales in 16 years, as trade woes and global uncertainty kept companies on the sidelines.

Companies raised about $12 billion (US$9.2 billion) in Canadian equity and equity-linked financings in the first six months, 39 per cent less than a year ago and the slowest first half since 2003, according to data compiled by Bloomberg. It was also the slowest of any six-month period since 2003, except the $10.4 billion raised in the back half of last year.

Global trade tensions, including the fact that the free trade agreement between Canada, the U.S. and Mexico remains unratified, are creating uncertainties for businesses, according to Dean Braunsteiner, national IPO leader for consulting firm PwC Canada.