Foreign & Colonial Emerging Markets Limited has started the Foreign & Colonial World Cup index to determine if there is a correlation between sporting events and stock market movements. Scores and national index movements on the day of match play and the following day will be shown every week for all matches involving emerging markets countries.
The index is based on the theory that markets rise and fall with the emotions of the citizenry. But the theory is off to a weak start, according to Foreign & Colonial. Brazil's Bovespa was off 4.8% after its 2-1 victory over Scotland. Morocco's market was closed the day of its 2-2 tie with Norway.
Armstrong County Employees' Retirement Fund, Kittanning, Pa., is close to completing as search for a consultant to do performance monitoring and future manager searches.
Trustees of the $31 million fund have interviewed: Advest Custom Consulting; Raulin, Manning & Napier; Fund Evaluation Group; Yanni-Bilkey; Smith Barney; Dean Witter Reynolds; PaineWebber; and J. Alexander Callas. A final decision may come as early as the board's June 30 meeting.