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Climbing back from a deeply oversold condition, U.S. market posted strong gains this past week, in a broad-based advance that encompassed nearly every sector, with consumer discretionary (+9.3%) and information technology (+7.9%) leading the advance. The Federal Reserve Board’s rate hike of 25 basis points this past week, the first of an expected series of hikes this year, had already been discounted heavily by the market, triggering the corrections through January and February, as richly-valued growth stocks (mostly in the technology sector) sold off in a rotation to value-oriented stocks.
The blue-chip S&P 500 Composite Index advanced 6.2% on the week, while the technology-weighted Nasdaq Composite Index gained 8.2% as investors piled into tech stocks again.
In Canada, the headline consumer price index rose at an annual 5.7%. The data has already been widely anticipated by markets, with the Bank of Canada having already pulled the trigger on rate increases, while signalling more tightening to come. Toronto’s benchmark S&P/TSX Composite Index gained 1.7% on the week, maintaining its string of weekly gains, on strength in information technology, healthcare, consumer discretionary, banks, and financials. Energy issues lagged, as crude oil retreated 3.7% on the week, putting the brakes on the rampaging energy sector, the best-performing sector of the S&P/TSX, gaining 23% year to date. Gold, meanwhile, retreated 3.3% on the week, as some of the glister came off the risk-off trade.
* Harvest shuts down two ETFs. Harvest Portfolios Group announced on March 16 that it has terminated Brand Leaders Income Fund (TSX: HBL.UN), and units were delisted from the Toronto Stock Exchange as at the close of business on March 15. The fund’s final net asset value per unit was $11.7136, and payment of the termination proceeds will be made to beneficial holders on or about March 22.
* Horizons terminates two ETFs. Horizons ETFs Management on March 11 announced plans to shut down Horizons Active Emerging Markets Bond ETF (TSX: HEMB) and Horizons Active A.I. Global Equity ETF (TSX: MIND) effective at the close of business on May 20. The funds are expected to be de-listed from the Toronto Stock Exchange at the close of business on or about May 17 all securities still held by investors being subject to a mandatory redemption as of the Termination Date.
* Middlefield converts three funds into ETFs. Middlefield Group on March 15 announced the conversion of three of its listed funds into exchange-traded funds (ETFs):
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