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Manulife Financial Corp
Symbol MFC
Shares Issued 1,944,896,776
Close 2020-03-30 C$ 17.00
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Globe says steady-Eddies like TD played like yo-yos

2020-03-30 09:24 ET - In the News

See In the News (C-TD) Toronto-Dominion Bank

The Globe and Mail reports in its Saturday edition that it was a week to remember (or forget) in the stock market. The Globe's Andrew Willis writes that a wave of selling Monday was followed by an equally astounding rally over the next three days. Manulife, for instance, jumped 30 per cent in two days. Finance veterans say the level of volatility is unprecedented. "A stock like TD goes from $49 to $61 -- this is the second-biggest bank in the country, and it's flying around. That doesn't instil confidence," says Anthony George, head trader at Infor Financial Group. "You would expect to see a small-cap go up 15 or 20 per cent in two days. You wouldn't expect to see BMO go up 12 per cent." The exaggerated moves in even the bluest of blue-chip stocks are throwing various financial products out of whack. Take exchange-traded funds. As retail investors rushed to cash in their ETFs to protect against further losses, the price of the funds have become detached from the underlying basket of stocks. "Passive funds are just not working now, volatility is too high, prices are moving too fast," says Alfred Avanessy at Cormark Securities. "So what's happening is the fund prices are not tracking the underlying stocks during the day."

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