Negative year for market
The Australian market looks destined to end the year in negative territory despite some improvement through late April and early May, according to the analysis attached to the latest Mercer Sector Survey.
The Mercer data revealed that after rising almost 7 per cent by the middle of last month, the Australian market dropped back to post a more modest 1.7 per cent for May.
The analysis said that smaller companies provided an extra boost, with the S&P/ASX Small Ordinaries rising 3.9 per cent for the month.
However, it said that with one month to go until the end of the financial year, the market has dropped by over 6 per cent, and with a further decline recorded so far for June, the S&P/ASX 300 is down by over 11 per cent for the financial year.
Looking at overseas shares, the analysis said that most major equity markets rose during May, with the exception of the UK and Spain, and that, as a result, the MSCI World ex-Australia Index returned 1.6 per cent in local currency terms.
AUTHOR
Mike Taylor
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