Which areas and companies performed most strongly, and what does it mean for your portfolio?
saw momentum return due to a pleasing valuation upgrade from the UK business and a strategy refresh. Even a disappointing operation update in June wasn’t enough to scuttle the overall positive return.
Coming in third was the industrials sector eking out a modest gain, mainly driven by Atlas Arteria that was a beneficiary of the global COVID-19 re-opening trade and possible takeover talk. Consumer discretionary was next as lockdowns and then fears of looming rate rises affecting spending dragged on sentiment. That said, two major beneficiaries of the COVID re-opening trade – Flight Centre Travel and Webjet – were shining lights for the sector index, vastly outperforming their peers.
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