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(December 11, 2008) Usually when the holidays approach, retailers count on an increase in consumer spending. But in a downturn like this, it’s a different story. According to the TNS Canadian Facts’ Consumer Confidence Index, the latest measure stands at 83 compared with 95.6 in November. To put this into perspective, the index reached 105.7 in December 2007.

“It will be difficult for the Canadian economy to weather the current global economic climate if consumers restrain spending in the face of both real and imagined economic problems,” said Richard Jenkins, vice-president of TNS Canadian Facts and director of the marketing research firm’s monthly tracking study.

Thirty-six per cent of consumers surveyed expect to spend less on holiday gifts, while only 8% declared they intend to spend more.

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Gold holds its value in 2008: PwC

Despite the current market conditions and commodity prices, 2008 was a good year for gold, according to a new survey released Thursday by PricewaterhouseCoopers.

Gold prices averaged at $800 US this year. It started the year at $846 US, dipped as low as $712 US and peaked at $905 US in September. In early December, prices retreated somewhat to $764 US. But the average was $800 US.

“While other commodities and the economy have trended down, gold has held its value,” says Paul Murphy, leader of the Canadian mining practice at PwC. “Gold is serving its purpose as a hedge of wealth in uncertain times.”

The survey polled 45 gold mining companies from North America, Australia and Africa.

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Manulife merges funds

Manulife Financial has received approval to merge a few of their funds.

Manulife U.S. Core Fund joins with Manulife Mawer U.S. Equity Fund. Manulife AIM Canadian First Class and Manulife F.I. Canadian Disciplined Class will merge with Manulife Canadian Equity Class, and Manulife Trimark Global Class will join with Manulife Global Opportunities Class.

These mergers will take effective by Friday.

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Horizon’s BetaPro repackages ETFs

(December 11, 2008) BetaPro Management announced Thursday it will either split or consolidate the units of some of its exchange-traded funds (ETFs).

The units of the Horizons BetaPro DJ-AIGSM Agricultural Grains Bear Plus ETF will be subdivided at 2:1 ratio. The new units will begin trading on a split adjusted basis on December 18, 2008, and the split will become effective on December 22, 2008.

After the TSX has closed for trading on December 17, 2008, the units of Horizons BetaPro S&P/TSX(R) Global Mining Bull Plus ETF, The Horizons BetaPro DJ-AIGSM Agricultural Grains Bull Plus ETF and the Horizons BetaPro MSCI Emerging Markets Bull Plus ETF will all be consolidated.

Horizons BetaPro S&P/TSX(R) Global Mining Bull Plus ETF, The Horizons BetaPro DJ-AIGSM Agricultural Grains Bull Plus ETF will have a consolidation ratio of 1:4 and the The Horizons BetaPro DJ-AIGSM Agricultural Grains Bull Plus ETF will be consolidated at 1:5.

(12/11/08)