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The big North American stock indexes logged another week of gains, as U.S. markets rallied from two-and-a-half months of steady declines posted since the end of December. Stocks had already started on the road to revaluation well before the Russian invasion of Ukraine in late February, as central banks turned increasingly hawkish in the face of persistently rising inflation rates.
Sanctions imposed on Russian following its invasion of Ukraine had the effect of stanching Russian crude oil and gas exports and tightening global supplies. The consequent surge in crude oil and other commodity prices buoyed resource-based stock markets such as Canada’s, where resources, especially energy stocks, have a heavy weighting on the benchmark stock index. That trend continued last week, as the S&P/TSX Composite Index gained nearly 1.0% on the week, boosted by a 5.7% weekly advance in the energy subindex with a 7.1% gain in the price of crude oil. Gold rose 1.9% on the week.
Similarly, the blue-chip S&P 500 Composite Index gained 1.8% on the week propelled by a 7.4% advance in the energy sector. The Nasdaq Composite Index posted a weekly gain of nearly 2.0% on some strength in the information technology sector, but remains down 9.4% for the year to date.
* Canada Life changes fund names. Canada Life Investment Management on March 24 announced that it change the names of four funds, effective April 4.
Canada Life Canadian Income Fund changes to Canada Life Canadian Fixed Income Balanced Fund II.
Canada Life Monthly Income Fund changes to Canada Life Strategic Income Fund II.
Canada Life Canadian Stock Balanced Fund changes to Canada Life Canadian Growth Balanced Fund II.
Canada Life Global Monthly Income Fund changes to Canada Life Global Strategic Income Fund.
The investment strategies of these funds will also be amended “to provide investors stronger return potential and better risk management through broadly diversified exposure across asset classes, regions, and sectors,” according to a release from Canada Life.
* Evolves shuts down two ETFs. Evolve Funds Group announced on March 21 that it will be terminating two exchange traded funds on or about May 26:
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