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month of August.Top 5 Positive Index Weight ChangesAMP Ltd. 100 1.30% 1.73% 0.43% 1.79
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Date Posted: 26/09/03 10:15:24am
Index Commentary
• The Australian equity market performed strongly over the month of August.
Like July, all major size indices showed positive returns, with the strongest
performer again the S&P/ASX Small Ordinaries, giving an accumulation
return of 5.06% for the month.
• The August S&P/ASX 200 sector index returns shows that the Information
Technology sector returned 26.71%. This large positive return can be
attributed to the strong performance of BCA Group (A$1.48 to A$2.20) and
Computershare (A$1.93 to A$2.71).
• On global markets, all seven regional indices that comprise the S&P Global
1200 continued to show positive returns for August. The S&P Asia 50 was
again the strongest performer with an accumulation return for the month of
7.76%, with the S&P Global 1200 returning 2.07%.
S&P/ASX 200
The Institutional Benchmark Index for the Australian Market
Returns: August 2003
Index Aug. 29 1 Mth 3 Mths 1 Year 3 Years 5 Years
Price 3199.7 2.48% 6.27% 2.55% -2.98% 28.98%
Accum* 16954.7 2.92% 7.45% 7.07% 8.68% 54.91%
Index Linked Products: streetTRACKS 200 ETF Fund; Index Options; Index Warrants; SPI 200 Futures; ASX
Mini200 Futures.
S&P/ASX 50
Australia’s International Benchmark Index
Returns: August 2003
Index Aug. 29 1 Mth 3 Mths 1 Year 3 Years 5 Years
Price 3210.3 2.52% 5.93% 1.56% -6.01% 28.62%
Accum* 16980.6 3.01% 7.12% 5.91% 4.79% 52.87%
Index Linked Products: streetTRACKS 50 ETF Fund; ASX Mini50 Futures.
*Accumulation index is also known as a total return index, it takes into account both price movements and
income payments (dividends) with respect to index constituents.
S&P/ASX 200: Major Corporate Actions
Company Corporate Action Date Index Treatment
Bristle Ltd. M/A Aug. 4 Removed from index, replaced by Great
Southern Plantations Ltd.
Centro Properties Ltd. Share issue Aug. 7 48,900,000 shares included in index.
AMP Industrial Trust M/A Aug. 27 Removed from index, replaced by
Housewares International Ltd.
Bank of West Aust Ltd. M/A Aug. 27 Removed from index, replaced by STW
Communications Group Ltd.
Macquarie Goodman Share issue Aug. 27 251,000,000 shares included in index.
Industrial Trust
ING Office Fund Share issue Aug. 29 50,000,000 shares included in index.
Information about how the S&P/ASX indices are constructed and maintained is outlined in the S&P/ASX
Index Methodology document available at http://www.standardandpoors.com.au
S&P/ASX 200 GICS Accumulation Returns
August 2003
GICS (Global Industry Classification Standard) is an enhanced industry classification system developed by
both Standard & Poor’s and MSCI. The GICS structure consists of four levels of detail: 10 sectors, 24
industry groups, 62 industries, and 132 sub-industries.
Inside the Index Inside the Index
Index Services—Australia
August 2003
Standard & Poor’s Index Services Australia
S&P/ASX 200 Index Weight Changes
Weight # Weight Weight Price
Company IWF* July 31 Aug 29 Change Change
Top 5 Positive Index Weight Changes
BHP Billiton Ltd. 100 6.42% 6.99% 0.57% 1.13
AMP Ltd. 100 1.30% 1.73% 0.43% 1.79
The News Corp. (DP) 63 3.48% 3.83% 0.35% 1.25
The News Corp. 70 2.98% 3.32% 0.34% 1.63
Telstra Corporation Ltd. 100 5.27% 5.52% 0.25% 0.34
Top 5 Negative Index Weight Changes
National Australia Bank Ltd. 100 8.66% 8.06% -0.61% -1.56
Commonwealth Bank 100 6.55% 6.01% -0.54% -1.80
Westpac Banking Corp. 100 5.14% 4.73% -0.41% -0.96
ANZ Ltd. 100 4.84% 4.54% -0.30% -0.73
Westfield Trust 100 1.35% 1.22% -0.13% -0.27
*IWF (Investable Weight Factor) represents the proportion of a company’s market capitalisation that is
included in the index. #Index Weight represents a stock’s individual index capitalisation as a percentage of
the total index capitalisation of the particular index.
S&P Global 1200 Accumulation Returns
August 2003
The S&P Global 1200 comprises seven Standard & Poor’s regional and country headline indices—S&P
500: USA, S&P Europe 350: Europe, S&P/TOPIX 150: Japan, S&P/TSX 60: Canada, S&P/ASX 50: Australia,
S&P Asia 50: Asia, and S&P Latin America 40: Latin America.
GICS Sector Snapshot: Financials-x-Property Trusts
Monthly Excess Returns Relative to S&P/ASX 200
Did You Know?
Improve your Index Knowledge
Since the 1980’s, the Australian share market has evolved from a resourcesdominated
market to a financials-dominated market. In 1980, resources
represented approximately 62% of the share market compared with
approximately 13% at July 2003. Since 1983, the financials sector has grown
from 7% to be now over 40%, making it the dominant sector within the
Australian market. In comparison, the largest sectors within other global markets
are: S&P 500—Financials 20%; S&P Europe 350—Consumer Discretionary
28%; & S&P/TOPIX 150 (Japan)—Consumer Discretionary 26%.
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