The Toronto Stock Exchange (TSX) has shed 30% since the high recorded on 20 February, falling deeper into bear territory on Thursday when it dropped 1,700 points.
The Dow Jones Industrial Average, the broadest equities gauge on the New York Stock Exchange, lost 2,353 points, or 10 percent. It was the second time in a week that the Dow had lost 2,000 points in a day.
The turbulence in the markets is another blow to Canada’s floundering resource sector, which has been beset by continued blowback from the oil price crash in 2014 and disputes with the Indigenous community that led to blockades across the country.
On Wednesday, Prime Minister Justin Trudeau unveiled a $730 million package to address the medical and financial impacts the deadly virus is having on Canada.
According to the latest government of Canada data, 138 Canadians have now been infected with the new strand of the coronavirus.
On Wednesday, the World Health Organisation declared the novel coronavirus a pandemic. The number of cases of infection worldwide has surpassed 126,000 and more than 4,600 people have died from the disease. About 68,000 people have recovered from the novel coronavirus infection.