ASX rebounds after three months of losses

InvestorDaily

Australia’s benchmark S&P/ASX 200 index returned 5.75 per cent in July, according to data from S&P Dow Jones Indices, after previously suffering three consecutive months of declines. The index started the financial year off on a positive note with particularly strong gains recorded in a number of sectors that have struggled in recent months. “The S&P/ASX 200 Information Technology was the star performer amongst Australian sectors in July, jumping 15 per cent, while materials slipped 1 per cent, the sole sector to decline during the month,” said S&P Dow Jones Indices index investment strategy director Benedek Vörös.

Strong gains were seen across the real estate (12.10 per cent), financials (9.28 per cent), consumer discretionary (8.24 per cent) and health care (7.69 per cent) sectors. Communication services (4.82 per cent), consumer staples (4.47 per cent), industrials (3.54 per cent), utilities (3.13 per cent) and energy (2.12 per cent) were also up for the month. Despite being the “star performer” of July, information technology is still the worst performing sector year to date with a loss of 27.61 per cent, followed by consumer discretionary (-16.74 per cent), real estate (-13.95 per cent) and communication services (-10.92 per cent).

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