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Market week: Stocks sink to the red zone
4/20/2019 6:57:52 AM
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By Fund Library News Wire  | Friday, October 26, 2018


By Mike Keerma

* Stocks sink to the red zone.
* BEST acquires Dynamic Venture Opportunities Fund.
* Canoe acquires nine Fiera mutual funds.

* Stocks sink to the red zone. It was red across the board for the big market gauges this past week, as stocks continued to slide. Traders ignored strong third-quarter U.S. GDP growth of 3.5% and fretted instead about rising interest rates, slowing economic growth in China, trade frictions, and the sustainability of the torrid pace of earnings growth over the past few quarters. Market sentiment was not helped by Inc.’s (NASDAQ: AMZN) lower sales forecast for the coming holidays, while Alphabet Inc. (NASDAQ: GOOGL) (parent of Google) exceeded earnings estimates but didn’t meet revenue targets. Those cracks in the wall helped push the Nasdaq Composite Index to a 3.8% loss for the week, but even more worryingly, to an 11% loss for October to date, which puts it in correction territory for the month. The S&P 500 Composite Index lost nearly 4% on the week. And Toronto’s S&P/TSX Composite Index dropped 3.8%, joining in the global selling party, as a 2.5% weekly loss in crude oil kept pressure on the energy sector.


Oct. 26, 2018, close



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* BEST acquires Dynamic Venture Opportunities Fund. Toronto-based boutique fund manager BEST Funds has completed the acquisition of the Dynamic Venture Opportunities Fund and has changed its name to BEST Venture Opportunities Fund Inc. effective Oct. 22. BEST specializes in raising, investing, and managing venture capital and venture debt for companies in emerging sectors.

* Canoe acquires nine Fiera mutual funds. Fiera Capital Corp. (TSX: FSZ) announced that mutual fund firm Canoe Financial will take over its nine Fiera Capital-branded mutual funds. Canoe has over $4.8 billion in assets and will re-brand the Fiera funds under the Canoe name. Fiera will continue to manage its four closed-end funds and will act as sub-advisor for Fiera Capital Global Equity Fund, Fiera Capital Defensive Global Equity Fund, Fiera Capital International Equity Fund, and Fiera Capital Equity Growth Fund. According to Jean-Phillippe Lemay, President and COO of Fiera Capital’s Canadian Division, “This transaction will allow Fiera Capital to focus on its core strengths serving institutional markets and private wealth clients, as well as sub-advisory via strategic partnerships.” The takeover is expected to close sometime in the first quarter of 2019.

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

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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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