The latest edition of The Financial Fortnight That Was has been emailed to subscribers. This edition looks at Listed Investment Companies. If you would like to receive this free email service go to the Sign Up page found on our website.
Please read on for the latest market news for the fortnight concluding Monday 1st October.
Since our previous edition, Australian and global sharemarkets have had strong fortnights. The S&P ASX200 Index has risen 4.46% from the 17th September to the 1st of October, up 15.76% for the calendar year so far. The S&P Global 1200, a measure of the global market, on has risen by 6.43% over the same period, placing the index up 11.84% for the year.
Emerging markets saw even stronger growth with the MSCI Emerging Markets Index rising 8.64% for the fortnight and is now up 28.17% for the year so far.
Property trusts have had mixed performances over the past fortnight with the S&P ASX 200 Property Trust Index falling 0.32%, but is still in positive territory for the year so far up 0.40%. The S&P/Citigroup Global Real Estate Investment Trust (REIT) Index, a measure of the global property market, however rose 5.42% for the fortnight and has fallen 1.90% this year so far.
As of 4pm the 28th September (market was closed on the 1st of October), the value of the Australian dollar had again risen strongly over the past fortnight with the Aussie dollar up 4.60% against the US Dollar at .8827, up 11.55% for the year so far, and up 3.55% against the Trade Weighted Index at 70.0, now up 7.86% for the year so far. (The Trade Weighted Index measures The Australian dollar against a basket of foreign currencies.)
The board of the Reserve Bank of Australia decided to maintain the official cash rate target at 6.50%.