Market View

A fear of rising interest rates and a slow-down in the growth of technology stocks resulted in one of the biggest sell-offs since February of this year. The International Monetary Fund cut its forecast for global economic growth and added that trade wars and struggling emerging markets are the contributors to the cut. The Canadian dollar was 76.75 cents U.S. The week ended with the TSX down 3.8% and the S&P500 was down 4.8%.

All but one TSX subgroup fell this week. The biggest reds were Energy, which was down 8.6%, Technology 6.0%, Industrials 5.6%, Financials 4.4% and Telecommunications 3.1%. Utilities and Materials ended the week flat and healthcare was up 1.4%. Petroleum products marketer Parkland Fuel announced intentions to buy a 75% stake in privately held SOL Investments and its units for $1.57 billion. This resulted in a 5.1% jump in Parkland’s share prices. It was reported that cigarette maker Altria is in talks with cannabis producer Aphria. Aphria later responded saying there has been no signed deal at the moment. The most heavily traded shares by volume were Aurora Cannabis, Aphria Inc and Royal Nickel Corporation. 

5 from 5i

Here are five reads we found interesting last week:

-Can we time the market?   

-This economic expansion has been able to take a few hits.

-Lessons from the Great Financial Crisis.

-How to invest in micro & small caps.

-A look at the past few weeks.