Australian Value: August 2013
September 12, 2013
The Australian market rose in August, and was one of the best-performing markets in the world for the month, despite a somewhat flat reporting season in which most companies reported earnings results that were in line with expectations. The S&P/ASX 300 Index rose 2.5%. The RBA cut rates by 25 basis points, to 2.50%, in early August. The Australian dollar finished marginally lower at US$0.89. Sector performance was positive across the board in August. Among the best performers were energy, consumer discretionary and industrials. More defensive sectors, such as telecom, utilities and financials, did not perform as strongly.