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Weekly market wrap Feb. 16, 2018: Markets start climbing out of the hole
12/18/2018 8:10:35 AM
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By Fund Library News Wire  | Friday, February 16, 2018


 

By Mike Keerma

* Weekly wrap: Markets start climbing out of the hole.
* Choice Properties takes over CREIT.
* Horizons launches emerging markets pot play ETF.


* Markets start climbing out of the hole. Stock markets staged a strong rally last week, climbing back somewhat from steep losses suffered the week before, even as headline U.S. inflation rose in January and Treasury yields climbed in anticipation rate hikes by the Fed. Friday’s session saw some anxiety return as 13 Russian nationals were accused of interfering with the U.S. elections. Toronto’s S&P/TSX Composite Index rose 2.8% on the week while the S&P 500 Composite Index surged 4.3% and the Nasdaq Composite Index gained 5.3%. Commodities also gained on the week while crude oil rallied 4.1% on the week and gold posted a 2.5% weekly advance. Meanwhile, the CBOE Volatility Index (VIX) continued to drift lower through the week, ending Friday at about 19, down from a high of 29 on Monday.

As headline U.S. inflation rose at a 2.1% annual rate in January (up 0.5% month over month), U.S. Treasury yields continued rising through the week in anticipation central bank tightening. The yield curve flattened slightly as 2-year notes advanced 13.2 basis points on the week, while 10-year notes rose 4.7 points, and 30-year issues were mostly flat on the week.

Markets were rattled slightly in Friday’s session as a U.S. federal grand jury on Friday indicted 13 Russian nationals and three Russian companies on charges of interfering in the U.S. election by conducting information warfare through Russian shell companies and front organizations. No Americans were indicted, and the Dept. of Justice emphasized that there was no allegation that any Americans were involved as anything other than unwitting participants in carefully camouflaged Russian-based disinformation campaigns.

* Choice Properties takes over CREIT. In business news Choice Properties Real Estate Investment Trust (TSX: CHP.UN) announced plans to take over Canadian Real Estate Investment Trust (TSX: REF.UN) in a cash and share deal worth $3.9 billion. The merger will create Canada’s largest real estate investment trust (REIT) with an enterprise value of nearly $16 billion and a portfolio of 752 properties with 69 million square feet of gross leasable area. Choice properties is controlled by Loblaw Cos. Ltd. (TSX: L), a subsidiary of George Weston Ltd. (TSX: WN), making the Weston family one of Canada’s largest commercial real estate investors.

FUND NEWS

* Horizons launches emerging markets pot play. Horizons ETFs Management debuted its Horizons Emerging Marijuana Growers Index ETF (NEO: HMJR), which tracks the Emerging Marijuana Growers Index mostly North American small-cap marijuana production companies. Stocks in the Index typically have a market cap between $50 million and $500 million.

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

@FundLibrary – Follow Fund Library on Twitter for daily information and updates.

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© 2018 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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