The 8000 Index level of the ASX200 was challenged multiple times throughout July 2024, before setting a new high at 8092. This was largely down to the market reaction to the Q2 CPI inflation print.
As illustrated below, the performance spread between Resources and Banks widened in July, whilst the corresponding index weight gap reversed.
The underperformance of Resources this calendar has been notable, particularly when contrasted with the strong outperformance of the Banks sector, with Banks adding a further +8.1% relative outperformance in July and extending YTD gains to +38.5%.
As a result, the index weight gap within the 200 has now reversed, with Banks +1.1%pts above Resources index weight, having closed -7.6%pt gap this calendar year.
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