Start of the correction?: The Australian equity market recorded its strongest monthly gain this calendar year rising 4.5% in July

Wilson Asset Management

Wilson Asset Management

Start of the correction?: The Australian equity market recorded its strongest monthly gain this calendar year rising 4.5% in July. The local market was driven higher primarily by the strong performance of Australia's mining stocks with investor confidence in the sector bolstered by China's confirmation that it was on track to achieve 7.5% GDP growth this year. Overnight US markets tumbled with the Dow Jones Industrial Average Index falling almost 2% - the biggest one day drop since February. The sell-off was driven by Argentina's bond default and moves by Portugal's central bank to force Banco Espírito Santo (which reported a shock €3.58 billion loss) to raise capital. In Australia, the S&P/ASX All Ordinaries Accumulation Index followed Wall Street's lead falling 1.3% today to close the week down 0.5%. Read more in our Weekly Investor Update here: (VIEW LINK) and register to receive our email at: (VIEW LINK)


Wilson Asset Management

Wilson Asset Management has a track record of making a difference for shareholders and the community for more than 20 years. As the investment manager for eight leading LICs – WAM Capital (ASX: WAM), WAM Leaders (ASX: WLE), WAM Global (ASX: WGB),...

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