Canada Life joins list of firms halting trade in U.K. property funds

Canada Life has suspended trading of its U.K. property funds

Canada Life has suspended trading of its U.K. property funds, one of several companies to make the move in response to investor concern about the impact of last week's vote by the United Kingdom to leave the European Union.

The insurance company — now part of Power Financial Corp. as a subsidiary of Great-West Lifeco — says its U.K. property funds are valued at 500 million pounds.

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Brexit worries send stocks, British pound tumbling again

Oil tumbles, loonie and stocks fall amid more Brexit worries

The price of benchmark North American oil retreated almost five per cent Tuesday, while the loonie dropped by almost a cent and stocks tumbled as investors fretted about the British financial system.

The price for the August contract for light sweet crude was down $2.39 US to settle at $46.60 US per barrel.

After triple-digit losses earlier in the trading session, the S&P/TSX composite index ultimately finished down 39.30 points at 14,219.57. 

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Brexit fallout continues as pound hit new lows

Brexit fallout continues

The British pound hit fresh new lows on Monday as investors who drove the currency to its lowest level since 1985 last week found new reasons to worry about the prospect of Brexit.

Sterling dropped 4.22 cents US to reach 132.13 cents. That's lower than the 31-year low of 132.40 cents that sterling hit on Friday, when the result of Britain's Brexit vote showed a majority Britons want to leave the European Union.

At one point before the vote, the British pound was trading at $1.50.

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Pound falls heavily as EU vote results come in

Dramatic losses for pound on EU vote

There has been a dramatic fall in the value of the pound as traders react to the latest results from the UK's referendum on EU membership.

At one stage it hit $1.3477 - a low not seen since 1985.

Before the results started to come in the pound rose as high as $1.50, as traders bet on a Remain victory.

But following early strong Leave votes in north-east England it tumbled to $1.43 and then took another dive after 03:00 BST as Leave maintained its lead.

Currency traders say these moves are more extreme than those seen during the financial crisis of 2008.

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