Eureka! New gold index for investors
Following extensive market consultation, Standard & Poor’s has launched two, new, real-time sector-specific indices in the Australian market, the S&P/ASX 300 Metals and Mining Index (XMM) and the S&P/ASX All Ordinaries Gold Index (XGD).
The Metals and Mining Index is comprised of companies that produce aluminium, gold, steel, coal, precious metals and minerals, and also diversified metals and minerals, while the All Ordinaries Gold Index includes companies that are included in the gold sub-industry of the All Ordinaries Index.
Standard & Poor’s index services director and head Jason Hill said both indices would offer real-time insight into industry trends, providing more precise monitoring of sectoral performance for companies and benchmarking for investors.
“These indices are ideally designed to support investors, the Australian mining sector, which currently is experiencing robust operating conditions, and other stakeholders,” he said.
At June 30, the resources sector accounted for more than 20 per cent of total Australian Stock Exchange domestic market capitalisation and around one-third of listed companies by number.
Recommended for you
Digital advice tools are on the rise, but licensees will need to ensure they still meet adviser obligations or potentially risk a class action if clients lose money from a rogue algorithm.
Shaw and Partners has merged with Sydney wealth manager Kennedy Partners Wealth, while Ord Minnett has hired a private wealth adviser from Morgan Stanley.
Australian investors are more confident than their APAC peers in reaching their financial goals and are targeting annual gains of more than 10 per cent, according to Fidelity International.
Zenith Investment Partners has lost its head of portfolio solutions Steven Tang after 17 years with the firm, the latest in a series of senior exits from the research house.
