Agribusiness on course to outperform in 2010
The Commonwealth Bank Agri Index recorded growth for the agribusiness sector of 0.9 per cent during the past month and 3.0 per cent during the past three months.
In addition, the index forecast is for the agribusiness sector to return 17.7 per cent for the year to September 2010, “outperforming the broader market and all sectors outside of health care”.
Commonwealth Bank regional and agribusiness banking executive general manager Brendan White said strong and resilient fundamentals have kept the sector in good health during the past month.
White added that the sector’s strength was also evident in the past month from two of the largest companies that make up the Agri Index, Incitec Pivot Limited and ABB Grain Limited.
“These two firms performed exceptionally well during the period and are a testament to the industry’s good health and [are on track] to recovery.”
Forecast volatility for the sector remains high at 28 per cent for the next 12 months, he said.
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