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Volatility from trade tensions with the US kept a lid on Canada’s market for equity deals in the first quarter, even as activity in precious metals perked up.
Canada-listed firms raised just $2 billion in the first quarter, compared to the $2.9 billion raised during the same period a year ago, data compiled by Bloomberg show. Investment bankers say market gyrations wrought by the US-Canada trade war have made dealmaking difficult.
“Whatever thesis you have for making your investment today could be very different from a month, an hour, a year from now,” said Grant Kernaghan, chief executive officer and chairman of Citigroup Global Markets Canada Inc. “This is not, for the most part, a positive backdrop just because there’s too much volatility.”
The cooling market dashed the hopes of some dealmakers who saw green shoots in 2024, including an initial public offering that ended…
