AAG Agri Index underperforms
The AAG Agri Index rose by 7.9 per cent in the last financial year, underperforming the All Ords, which recorded a 9.6 per cent increase.
From 1 July, 2009 to its peak, the Agri Index rose by 29.6 per cent, surpassing All Ords — but it fell some 20 per cent from its January peak until the end of financial year.
Executive chairman of AAG, Marcus Elgin, noted that financial year 2009-10 was a poor year for the listed agriculture equity sector.
“The timber sector fared particularly badly, with the collapse of two more MIS-related companies and the poor performance of TFS Corporation, Gunns, Willmott and Elders all hurting the index,” said Elgin.
The AAG Agri Index finished the year with 49 companies represented, with 28 stocks recording falls, the worst being Frankland River Olives at -87.5 per cent for the year.
Elgin also noted that the AAG Agri Index contained a large number of micro-cap companies that had some serious decisions to make about the relative merits of being listed.
Recommended for you
Licensee Centrepoint Alliance has completed the acquisition of Brighter Super’s annual review service advice book, via Financial Advice Matters.
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
