Fund Library News Wire
| Friday, January 05, 2018
By Mike Keerma
Stock markets kept popping the champagne corks during the first week of the new
year as the big U.S. indices posted four straight days of gains, setting
fresh closing record highs, and extending the bull market into 2018. Market
sentiment was buoyed by the passage of a major U.S. tax reform bill with
major corporate tax cuts, a healthy December labor report indicating
148,000 new jobs, solid corporate earnings, and rising commodity prices.
The broad U.S. blue-chip
S&P 500 Composite Index gained 2.6% on the week, while the tech-weighted
Nasdaq Composite Index advanced 3.4%. Toronto’s benchmark
S&P/TSX Composite Index rose 0.9% on the week, setting a record intra-day high on Thursday before
tracking back late in the week.
Crude oil rallied 1.9% on the week despite a late-week selloff that weighed on TSX
daily performance on Friday, while
gold rose 0.9%.
2017 Year-End Market Summary
* Sun Life completes Excel takeover.
Sun Life Global Investments (Canada) Inc. announced it has completed its purchase of
Excel Funds Management Inc. and Excel Investment Counsel Inc., which specializes in emerging markets funds. Bhim D. Asdhir, formerly
President and Chief Executive Officer of Excel Funds, will join the Sun
Life Global Investments leadership team in the newly created role of Head
of Emerging Markets and Business Development.
* Horizons consolidates HVU. Horizons ETFs Management (Canada) Inc. announced plans to consolidate the
units of its
BetaPro S&P 500 VIX Short-Term Futures 2x Daily Bull
ETF (TSX: HVU). After the close of trading on Friday, January 12, the units will be
consolidated at a ratio of 1:5, and will begin trading on a
post-consolidated basis on Monday, Jan.15.
According to a Horizons release, because the net asset value per unit is
increased by the same ratio as the unit consolidation, there is no impact
on the value of the investor’s total unit position. An investor’s cost per
unit is also increased by the same ratio as the unit consolidation,
although their total cost remains unchanged.
Check Fund Library’s
Market Activity page regularly for active updates on key market indexes and commodities.
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