Last week’s collapse of Silicon Valley Bank in the United States created some negative vibes for the stock markets this morning.

As depositors desperately sought to get their money from the 16th-largest bank in the U.S., it sent some waves through the financial system. The U.S. Federal Deposit Insurance Corporation said that at the time of its failure, SVB had US$209 billion in total assets.

On Friday, the U.S. government stepped in to seize SVB’s assets, which had been transferred to a new entity. The collapse of the bank was the second-biggest bank failure in U.S. history, just behind the collapse of Washington Mutual in 2008.

On Sunday, U.S. authorities launched emergency measures to boost confidence in the banking system and ensure that the collapse of the SVB would not set off a wider financial crisis.

Even though financial analysts have said that the collapse of SVB would not have much impact on Canada, the Canadian and American stock markets opened this morning deep in the red. The Toronto Stock Exchange’s S&P/TSX composite index was losing as much as 300 points in early-morning trading. The American stock exchanges were also badly hit in early-morning trading. However, as the day progressed, the situation improved.

At 12 noon ET, even though Canada’s main stock index was still in negative territories, it had cut down some of its losses. The TSX stood at 19,684.07, losing 90.85 points, or 0.46 per cent.

With that, the stock market had lost 4.03 per cent in the past five days; 4.90 per cent in the past month; 1.66 per cent in the past three months; and 7.05 per cent in the past year. A look at the graphical representation of the performance of the TSX over the past five days shows a descent down a hill. When viewed over a month, it shows a descent with a slight rise between March 2 and 6.

The top-performing stocks were Westshore Terminals Investment Corp., which was gaining 11.29 per cent; First Majestic Silver Corp., which was gaining 10.56 per cent; and Fortuna Silver Mines Inc., which was gaining 9.55 per cent.

On the flip side, the least-performing stock stocks were Africa Oil Corp., which was losing 7.14 per cent; Interfor Corp., which was losing 5.22 per cent; and Bombardier Inc., which was losing 4.45 per cent.

In the United States, it was a mixed bag as the S&P 500 was losing 0.17 per cent, or 6.67 points, at 3,854.92, while the DOW had turned around, gaining 81.00 points, or 0.25 per cent, at 31,990.64.

Crude oil and gold futures were also facing opposite fortunes. While crude oil was trading down at US$74.22, shedding 2.46, or 3.21 per cent, gold futures gained US$41.50, or 2.22 per cent, trading at US$1,908.70.

The loonie also was having a good day against the American dollar. The Canadian dollar was trading at US$0.7273, gaining $0.0046, or 0.6365 per cent.

Now let us look at the stories that have attracted our readers the most.

Market movers

Our investment-savvy readers have focused on different sectors, ranging from health to mining and to cannabis.

Innocan Pharma Corporation (INNO) received its first patent grant in the United States.

Wallbridge Mining Company Limited (WM) completed its non-brokered private placement with Agnico Eagle Mines Limited.

Adastra Holdings (XTRX) is facing a proposed class-action lawsuit citing its claim it had received authorization from Health Canada to sell cocaine.

Finally, capital raises so far in the week include Probe Gold, PolyMet Mining, and Martello.

Stay tuned for the next edition of Market Summary.

More From The Market Online