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Market wrap April 7, 2017: Toronto gains, New York fades on week
7/27/2017 8:39:03 PM
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By Fund Library News Wire  | Friday, April 07, 2017


 

By Mike Keerma

* Market wrap: Toronto gains, New York fades on week
* Desjardins debuts suite of ETFs.

* Excel to merge India funds.
* RBC to merge SRI funds.
* BMO adds global sector ETFs.


The major U.S. stock indices ended with modest weekly losses, as the U.S. March jobs report showed a gain of only 98,000 new non-farm payrolls, down from the more than 200,000 jobs created in each of January and February, while the unemployment rate ticked down to 4.5%. A U.S. missile strike on a Syrian airforce base on Friday had only limited impact on investor sentiment, as the indices closed flat on the day. The S&P 500 Composite Index lost -0.3% on the week, while the Nasdaq Composite Index retreated 0.6%. Toronto’s S&P/TSX Composite Index rose 0.8% on the week overall, as crude oil rose, gaining 3.1% on the week.

FUND NEWS

* Desjardins debuts seven new ETFs. Desjardins Global Asset Management Inc. announced that it has launched its initial suite of exchange-traded funds,which began trading on the TSX on April 3:

Desjardins Canadian Universe Bond Index ETF (TSX: DCU) tracks the Solactive Canadian Bond Universe TR Index of Canadian investment-grade fixed income securities.

Desjardins Canadian Short Term Bond Index ETF (TSX: DCS) tracks the Solactive Short-Term Canadian Bond Universe TR Index of short-term Canadian investment-grade fixed income securities.

Desjardins 1-5 year Laddered Canadian Corporate Bond Index ETF (TSX: DCC) tracks the Solactive 1-5 Year Laddered Canadian Corporate Bond TR Index, for exposure to corporate bonds issued in the Canadian market, with an effective term to maturity between one and six years.

Desjardins 1-5 year Laddered Canadian Government Bond Index ETF (TSX: DCG) tracks the Solactive 1-5 Year Laddered Canadian Government Bond TR Index of invest in investment-grade government bonds with an effective term to maturity between one and six years.

Desjardins Canadian Preferred Share Index ETF (TSX: DCP) tracks the Solactive Canadian Rate Reset Preferred Share TR Index of preferred shares listed on the TSX.

Desjardins Canada Multifactor-Controlled Volatility ETF (TSX: DFC) tracks the Scientific Beta Canada Multifactor-Controlled Volatility Index of Canadian equity securities.

Desjardins USA Multifactor-Controlled Volatility ETF (TSX: DFU) tracks the Scientific Beta USA Multifactor-Controlled Volatility Index of U.S. equity securities.

* Excel to merge India funds. Excel Funds Management Inc. plans to its non-redeemable Excel India Growth & Income Fund (TSX: EGI.UN) into its Excel India Balanced Fund , an open-end mutual fund managed by Excel Funds. Upon approval by unitholders, the merger is expected to take effect on June 23, with EGI.UN terminated and de-listed from the TSX.

* RBC to merge SRI funds. RBC Global Asset Management announced that it proposes to merge a number of its PH&N Community Values Funds into the RBC Jantzi Funds, effective June 30, 2017.

*The Phillips Hager & North Community Values Bond Fund is not included in the merger plan.

* BMO adds global sector ETFs. BMO Asset Management added four new global sector ETFs to its lineup. Trading commenced on April 7 on the following new funds:

BMO Global Banks Hedged to CAD Index ETF (TSX: BANK) tracks the Russell Developed Large Cap Banks Capped 100% Hedged to CAD Index, providing exposure to global banks.

BMO Global Consumer Discretionary Hedged to CAD Index ETF (TSX: DISC) tracks the Russell Developed Large Cap Consumer Discretionary Capped 100% Hedged to CAD Index of global consumer discretionary companies.

BMO Global Consumer Staples Hedged to CAD Index ETF (TSX: STPL) tracks the Russell Developed Large Cap Consumer Staples Capped 100% Hedged to CAD Index for exposure to global consumer staples.

BMO Global Insurance Hedged to CAD Index ETF (TSX: INSR) tracks the Russell Developed Large Cap Insurance Capped 100% Hedged to CAD Index, for exposure to global insurance companies.

Check Fund Library’s Market Activity page regularly for active updates on key market indexes and commodities.

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

Disclaimer

© 2017 by Fund Library. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.

The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of investment performance is made or implied. It is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.

 
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