The response of Canadian stocks to the COVID-19 pandemic: the case of a developed economy Online publication date: Fri, 14-Jun-2024
by Salah U-Din
International Journal of Financial Markets and Derivatives (IJFMD), Vol. 9, No. 4, 2023
Abstract: The full extent of the COVID-19 pandemic is still unfolding and has evolved from a public health crisis to a major economic crisis. Its impact is felt by most businesses and capital markets worldwide. Canada is one of the G7 economies that felt the enormous economic and social impact of the pandemic. In this study, an ordinary least square (OLS) model is used to assess the impact of the COVID-19 pandemic on the Toronto Stock Exchange during 2020 and 2021. Growth in the confirmed COVID cases, ICU admissions, and government restrictions negatively impacted the Toronto Stock market returns; however, growth in hospitalisations positively impacted them. The sub-sectors of consumer discretionary, industrial, and financial services ranked in the top three positions respectively on the basis of risk-adjusted returns, while healthcare was positioned at the bottom of all ten sub-sectors. Furthermore, small caps outperformed the large caps and TSX composite index.
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