Performance and Market Outlook
Global equity markets were mixed during the June quarter, with US markets continuing to move higher (S&P500 +2.6%), European markets generally flat to slightly lower (FTSE100 -0.1%, DAX +0.1%), whilst Asian markets were mixed (China Shanghai -0.9%, Hang Seng +6.9%, Nikkei 225 +6.0%). Domestically, the S&P/ASX 200 closed the quarter -1.6%.
The S&P/ASX Small Ordinaries Accumulation Index declined a modest -0.4% during the quarter, out performing the large cap segment of the market (S&P/ASX 100 -1.7%), with Small Industrials +0.1% relative to Small Resources -2.0%. The returns over the quarter somewhat belied the intra period volatility, with the June month Small Ordinaries gain of +2.0% largely offsetting weakness in May as well as a modest decline for April.
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