The All Share Index (ALSI) delivered a 10.9% total return for the year, slightly higher than the 10.2% delivered by the bond index (ALBI). Whilst the equity index performance was below the long-term average of 18% p.a. over the last decade, this stemmed from sharply divergent returns within the sectors rather than from the delivery of below-average performance across the sectors. Financials and industrials returned an impressive 27.8% and 17.2%, respectively. By contrast, resources fell 15.0% for the year, which weighed heavily on the overall market return.
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