Market week: Stock indices rally on the week

Selloff loses steam as stock post monthly gains

* Stock indices rally on the week.
* Horizons closes two ETFs.

* Stock indices rally on the week. The main North American stock indices staged a rally last week, taking some of the steam out of the broad selloff during the past two volatile months. Even as the sinking price of crude oil (down 22.5% in November, for a 16.2% year-to-date loss) weighed on Canada’s energy sector, Toronto’s benchmark S&P/TSX Composite Index gained 1.3% on the week, as weaker third-quarter GDP growth (2.0%) raised hopes that the Bank of Canada would hold off on any further rate increases for now. The index gained 1.1% on the month, but remained down 6.2% for the year to date. In the U.S. hints that the U.S. and China may reach a trade deal at the G-20 summit in Buenos Aires helped goose the big stock indices to solid weekly gains. The S&P 500 Composite Index advanced 4.9% on the week, for a 1.8% gain on the month, putting it ahead 3.2% year to date. Likewise, the Nasdaq Composite Index surged 5.6% on the week, putting it just barely into the black for the month, but maintaining its 6.2% year-to-date advance.

FUND NEWS

* Horizons closes two ETFs. Horizons ETFs Management (Canada) Inc. announced that it will be terminating the Horizons Global Currency Opportunities ETF (TSX: HGC), with $8.5 million in assets, and the Horizons Active Intl Developed Markets Equity ETF (TSX: HADM), with $6.3 million in assets, effective at the close of business on Feb. 14, 2019. The funds are closed to new purchases effective Nov. 30.

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