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Market wrap March 10, 2017: Stocks lose ground for the week
5/30/2017 3:20:16 AM
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By Fund Library News Wire  | Friday, March 10, 2017


 

By Mike Keerma

* Stocks lose ground for the week.
* RBC shuts down two BonaVista funds.
* Invesco launches two PowerShares foreign dividend ETFs.


* Stocks lose ground. North America’s major stock indices lost ground on the week, despite a solid U.S. jobs report that saw 235,000 payrolls added in February, with the unemployment rate now sitting at 4.7%. Most observers believe that will spur the U.S. Federal Reserve Board to raise its benchmark federal funds rate at its regularly scheduled rate policy meeting next Tuesday and Wednesday, March 14-15. However, the relatively upbeat jobs data on Friday were not enough to overcome sliding investor sentiment through the week, as crude oil dropped -8.9% on the week and gold retreated -2.6%. The U.S. blue-chip S&P 500 Composite Index lost -0.4% on the week, while the Nasdaq Composite Index fell -0.2%. Toronto’s benchmark S&P/TSX Composite Index retreated 0.7% for the week, reacting to weakness in the energy sector.

In company news, shares of Toronto-Dominion Bank (TSX: TD) plunged as much as 5% in Friday’s trading, sliding from $70.21 at the day’s opening to close at $66.00, following an unsubstantiated report by CBC News citing anonymous bank employees who allege that the bank had applied pressure to staff to meet high sales targets. The bank denied the allegations, and said in a statement, “the environment described in the media report is very much at odds with how we run our business, and we don’t recognize it from our own perspective, experience or assessments.”

FUND NEWS

* RBC shuts down two BonaVista funds. RBC Global Asset Management Inc. announced that it is permanently closing the BonaVista Global Balanced Fund and the BonaVista Canadian Equity Value Fund on May 26, 2017. Until then, unitholders may redeem or switch their holdings. After that, any remaining units will be redeemed and the proceeds distributed to unitholders. In a statement, RBC said, “The Funds are being closed as a result of their small size and duplication with existing investment mandates offered by RBC Global Asset Management Inc.”

* Invesco launches two PowerShares foreign dividend ETFs. Invesco Cananda announced that shares of its PowerShares S&P 500 High Dividend Low Volatility Index ETF (NEO: UHD) and PowerShares S&P Global ex. Canada High Dividend Low Volatility Index ETF (NEO: GHD) began trading on the NEO Exchange on March 7. UHD tracks the performance of the S&P 500 Low Volatility High Dividend Index, while GHD tracks the S&P Global 1200 Ex-Canada Low Volatility High Dividend Index.

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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