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Weekly market wrap May 25, 2018: Crude oil retreats, greasing TSX market slide
8/19/2018 9:28:35 AM
HOME : FEATURES : COLUMNS : Weekly market wrap May 25, 2018: Crude oil retreats, greasing TSX market slide
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By Fund Library News Wire  | Friday, May 25, 2018


 

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 technology sector.

FUND NEWS

* Investors Group merges funds. Investors Group 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.

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

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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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