October is usually one of the strongest months for Australian shares. It hasn’t started that way.
Australian investors usually turn the calendar to October, thankful that a choppy September is over and get ready for three straight months of gains to head to the summer holidays and end the year on a high.Rising bond yields created a bit of a “sell everything” type mood on Tuesday morning, with only 11 of the 200 stocks on the benchmark S&P/ASX200 in positive territory.
Investors globally, across just about all asset classes, take their cues from these bond yields, including the big Australian superannuation funds and equities managers. Australia’s S&P/ASX200 has gained an average 1.3 per cent in October since the turn of the century, according to stockbroker Richard Coppleson’s Coppo Report, making it the third-strongest month for gains behind April and July.Old head fund managers reckon October’s gains are largely driven by offshore markets, with northern hemisphere investors back in full swing. It also helps that Australia’s reporting season is fading into distant memory and dividends flood back to investors.
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