Canadian fund companies continue to see their total assets remain below pre-COVID levels despite $2.6-billion in mutual fund sales in May as investors slowly began to regain confidence in the markets.
Mutual fund assets totalled $1.58-trillion at the end of May, up $38.7-billion or 2.5 per cent compared with April – but still below the $1.61-trillion high recorded at the end of February, according to data released on Friday by the Investment Funds Institute of Canada (IFIC).
The fund industry saw more than $14-billion in redemptions in March as falling markets drove down the value of assets in mutual funds and investors were quick to cash out of long-term funds, including balanced, equity and bond funds.
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Now, over the past two months, Canadians have slowly been returning to markets with $1.8-billion in net sales for long-term mutual funds – which includes equity and bond funds – in May, up from $1.2-billion in sales in April. The same long-term funds had experienced net redemptions of more than $18.2-billion in March as fear from the coronavirus outbreak affected financial markets.
With markets recovering, equity funds saw more than $297-million in sales in May, while bond funds saw more than $1.83-billion in sales.
In May, money-market funds gained $817-million in sales, compared with $27-million in net redemptions for April.
Canadian exchange-traded fund (ETF) assets totalled $211.4-billion at the end of May – creeping closer to the record high in mid-February of $220-billion.
Equity ETFs sold the most, with $1.8-billion in net sales, while balanced funds saw $73-million in sales. Money market ETFs finished the month with $402-million in net sales. Bond ETFs continued to see net redemptions of $56-million, although down from redemptions of $629-million in April.
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
