Lonsec Market Commentary – October 2017
The Australian market followed the world higher in October, after a disappointing run of negative and flat returns.
At its November meeting the RBA left the cash rate on hold at 1.50%, noting that monetary policy in other advanced economies is becoming less accommodative.
The ASX 200 Accumulation Index returned 4.01%, led by the Information Technology (+8.75%) and Energy (+6.50%) sectors.
Santos boosted Energy sector gains, beating expectations on production, revenue and costs, driven in large part by its Gladstone LNG operations. But it was Blackmores (+35.36%) that topped the leaderboard in October, posting a 28% rise in direct China sales, with the Chinese government having affirmed its commitment to the pilot of cross border e-commerce.
(Lonsec October 2017, Issue Date: 10-11-2017)