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Weekly market wrap March 9, 2018: Major job gains fire up U.S. stock indices
5/24/2018 11:09:55 PM
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By Fund Library News Wire  | Friday, March 09, 2018


 

By Mike Keerma

* Major job gains fire up U.S. stock indices.
* RBC launches women’s leadership ETF.
* National Bank terminates two funds.

* Five new BMO ETFs commence trading.

* Major job gains fire up U.S. stock indices. The broad U.S. blue-chip benchmark S&P 500 Composite Index surged 3.5% on the week, while the Nasdaq Composite Index soared 4.2%, as the U.S. Labor Dept. reported 313,000 new jobs in February, much better than the 200,000 that had been expected. The U.S. unemployment rate remained at an ultra-low 4.1%. Canada’s main stock gauge, the S&P/TSX Composite Index advanced 1.3% on the week, as investors overcame disappointing job growth of 15,000 positions in February (less than the expected 20,000) and cheered Canada’s exemption from U.S.-imposed tariffs on steel and aluminum imports. The financials subindex gained 1.8% on the week. However, the energy and materials indices remained flat. And neither crude oil nor gold moved far from breakeven on the week.

FUND NEWS

* RBC launches women’s leadership ETF. RBC Global Asset Management Inc. debuted its RBC Vision Women’s Leadership MSCI Canada Index ETF (NEO: RLDR), which began trading on Friday, March 9. The fund tracks the performance of the MSCI Canada IMI Women's Leadership Select Index, which focuses on Canadian companies that show a commitment towards advancing women’s leadership among their boards of directors and executive leadership positions. The ETF has a management fee of 0.25%.

* National Bank terminates two funds. National Bank Investments Inc. announced that it will close the NBI Short Term Canadian Income Fund ($5.83 million AUM) and the NBI Short Term Canadian Income Private Portfolio on or about May 11.

* Five new BMO ETFs commence trading. BMO Asset Management expanded its ETF lineup as three new bond funds and two dividend funds started trading on March 7.

BMO Short-Term Bond Index ETF (TSX: ZSB) holds 1-5 year Canadian investment grade bonds.

BMO Corporate Bond Index ETF (TSX: ZCB) offers exposure to Canadian investment-grade corporate bonds across all sectors and maturities.

BMO Government Bond Index ETF (TSX: ZGB) invests in Canadian federal, provincial, and municipal bonds across all sectors and maturities.

BMO Europe High Dividend Covered Call ETF (TSX: ZWP) holds a portfolio of dividend-paying European companies with a covered call overlay.

BMO US High Dividend Covered Call Hedged to CAD ETF (TSX: ZWS) holds dividend-paying U.S. companies with a covered call overlay.

 

 

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

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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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