By Mike Keerma
A 5.3% slide in the price of
crude oil this past week hit energy stocks, and contributed to lackluster performance
by the major North American stock indices. With no major economic data
points making an appearance last week and the geopolitical situation at
somewhere near a status quo, markets marked time trading in a narrow range
through the week. Toronto’s main benchmark, the
S&P/TSX Composite Index, lost 0.5% on a shortened week of trading, mostly a result of crude oil’s
price slide reverberating through the market’s heavily weighted energy
sector. The big U.S. blue-chip
S&P 500 Composite Index scarcely did any better, gaining only 0.3% on the week, as the price of
crude oil reacted to reports that the Organization of Petroleum Exporting
Countries (Opec) and Russia were planning to increase crude production
after a period of cutbacks. In addition, trading volumes declined ahead of
the U.S. Memorial Day long weekend. The outlier was the
Nasdaq Composite Index, which gained 1.1% on the week, propelled by strength in the Internet and
* Investors Group merges funds.
announced that it is proposing to merge three of its mutual fund offerings
effective Sept. 14. Its says the changes “aim to simplify its mutual fund
lineup, while also delivering the benefit of fee reductions for investors.”
Investors Cornerstone I Portfolio ($83.3 million in assets) and
Investors Cornerstone III Portfolio ($74.8 million in assets) will merge with Investors
Cornerstone II Portfolio ($24.5 million in assets) and will be known simply as will be known as Investors Cornerstone Portfolio as of June 30.
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