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Key Points: - The RBA elected to keep the overnight cash rate steady at 3.00% in the March board meeting.
- Overall fixed income securities remained relatively steady in March, with the three month bank bill futures price gaining 7 basis points (bp) to end the month priced at 2.99%.
- The ten year bond rate remained largely unchanged however displayed a volatile tendency with the return series changing direction for the third consecutive month and ending 6 bp higher.
- Australian equities experienced a minor correction in March, declining by 2.74% as measured by the All Ordinaries Price Index, while the S&P/ASX 200 Price Index declined by 2.70%.
- Australian Listed Property slightly outperformed the broader Australian equities market however declined by 2.60% in absolute terms.
- Most major International Equities markets performed well in March to continue their recent rally. The TOPIX (Japan) was the strongest performer, ending the month 6.05% higher. US Equities also performed well with the Dow Jones Industrials and the S&P 500 gaining 3.73% and 3.60% respectively.
- The Hang Seng Index (Hong Kong) was the poorest performer in the International Equities universe, declining by 3.13% for the month.
- Global Commodities performed well in March with the price of gold increasing by 1.21% and West Texas Crude Oil prices increasing by 5.63%, both in US Dollar terms. Overall the CRB Spot Commodity Index gained 0.43% in US Dollars.
- The Australian Dollar gained against most of the major currencies in particular posting a strong return against the Japanese Yen and the Euro, up by 3.81% and 3.86% respectively.
- Volatility declined by 2.81% in March, falling to 12.70% as measured by the VIX Index.
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Source: Zenith Investment Partners
14th-May-2013 | 
