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Market Update - March 2024

26 March 2024

 
 
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26 March 2024

 
 

Your Market Update - March Summary

Market Key Points 

  •  The Australian market had another positive month in February, finishing 0.8% higher. Leading the market higher were Information Technology (I.T.) (+19.5%), Consumer Discretionary (9.2%), and Property (+5.1).

  • Overseas markets also finished the month higher, with emerging markets outperforming developed markets. The CSI 300 and Heng Seng rebounded strongly after hitting five-year lows at the beginning of the month.

 

Market Developments during February 2024

Australian Equities

 

In February, the ASX 200 index continued its upward trend for the fourth consecutive month. The index saw a modest increase of 0.8%.

Local I.T. stocks had a stellar month, driven by the Artificial Intelligence-led rally in mega-cap U.S. tech names. Altium shares rose 31.5% after a takeover bid was recommended by its board of directors. Consumer Discretionary gained momentum due to surprisingly strong earnings reports from some of its constituents.  Regardless of seemingly weak consumer sentiment, retailers reported stable margins despite price discounts, which buoyed share prices.

Among the laggards, Energy experienced the most significant decline after disappointing earnings reports were posted. Materials continued their slide as iron ore prices reached their lowest level since October 2023, primarily due to weak Chinese steel demand.

 

Global Equities 

 

Global equity markets continued to rally in February with no sign of slowing down as strong earnings data pushes markets higher. Emerging markets outperformed developed markets returning 6.4% (MSCI Emerging Markets Index (AUD) versus a 5.9% return (MSCI World Ex-Australia Index (AUD).

All major indices closed at a record high in the US. A strong reporting season supported growth with 73% of S&P 500 companies beating earnings projections. The Nasdaq Composite gained 6.2% (in local currency terms) in February, while the S&P 500 gained 5.3% (in local currency terms) extending its now four-month winning streak.

 
 
 
 

Similarly in Japan, the Nikkei 225 Index smashed its 1989 all-time high, gaining 8.0% for the month (in local currency terms), bolstered by strong earnings results, a weaker Japanese Yen and corporate governance reforms aiming to boost shareholder returns.

  

The CSI 300 and Heng Seng rebounded 9.4% and 6.6% (in local currency terms), respectively after sinking to five-year lows at the beginning of the month. The rebound came after the central bank cut the benchmark lending rate by the most on record and China’s securities regulator tightened controls on “market disruption”.

 

Fixed Interest 

The Reserve Bank of Australia has resolved to maintain the cash rate steady at 4.35% following their monthly monetary policy meeting, however, board members stated they would not rule out future interest rate hikes if inflation proves to be more persistent. Minutes from the 5 February meeting also revealed that the Board acknowledged there had been progress towards inflation objectives but that more progress was required, and the outlook remained uncertain.

Over the course of the month, Australian 2-Year and 10-Year Bond yields rose by 11bps and 12bps respectively, while the Bloomberg AusBond Composite 0+ Yr Index was down -0.3% over the course of February. The Statement of Monetary Policy report published by the RBA stated that economic growth in Australia is expected to remain subdued in the near term, and inflation continues to moderate and is expected to return to the target range of 2-3% in 2025.

In the U.S. the Federal Reserve announced that it would again maintain the overnight federal funds rate at 5.25%-5.5% for the fourth meeting straight. Markets have priced in another hold in their March meeting. US Treasury notes yields rose, with 2-year and 10-Year Treasury yields rising 42 and 34 bps respectively.

 

UK GDP contracted 0.3% in the last quarter of 2023, confirming a recession, although by historical standards the recession is likely to be shallow and short-lived. The Bank of England has also decided to hold rates steady at 5.25% and in February the U.K 2-Year and 10-Year Gilt yields rose 36 and 42 bps respectively.

 
 

REIT’s (listed property securities)

The S&P/ASX 200 A-REIT Accumulation index continued the strong start to the year in February, with the index finishing the month 5.1% higher. Conversely, global real estate equities (represented by the FTSE EPR/NAREIT Developed Ex Australia Index (AUD Hedged)) continued to regress, returning -0.1% for the month. Australian infrastructure started the year negatively, with the S&P/ASX Infrastructure Index TR returning -0.7% in February.

The Australian residential property market experienced an increase of +0.6% Month on Month (as represented by CoreLogic’s five capital city aggregate). Perth was the biggest riser (+1.8%), followed by Adelaide (+1.1%) and Brisbane (+0.9%). In contrast, Melbourne (+0.1%) was the worst performer during February.

 
 
 

Market Update - February 2024

25 March 2024

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26 February 2024

 
 

Your Market Update - February Summary

Market Key Points 

Apologies for the delay this month, below is an update on January's markets. 

  • The Australian market continued its march ahead in January finishing 1.2% higher. Gains in the market were led by Energy, Financials ex Property and Healthcare
  • In the main, overseas markets finished higher, noting the experience in Asian markets was different with strong weakness in China and Hong Kong.
 
 

Market Developments during January 2024

 

Australian Equities

 

In January, the ASX 200 achieved a record high, ending the month 1.2% up. Most sectors (eight out of 11) closed the month positively. Lower-than-expected inflation for the December 2023 quarter buoyed investors. Energy (+5.2%), Financials (+5.0%), and Health Care (+4.3%) were the top performers, while Materials (-4.8%) and Utilities (-1.5%) lagged.

Energy stocks benefited from positive uranium market news. The Financials sector was lifted by the “Big 4” banks, despite mixed outlooks for their upcoming earnings.

Conversely, Materials stocks suffered due to falling iron ore and lithium prices. Lithium miners had a tough January as supply outstripped demand, attributed to slower electric vehicle uptake.

As we approach February’s reporting season, the robust market of the past two months could face a downturn if earnings disappoint.

 

Global Equities 

 
 
 
 
 

Global equity markets continued to gain despite US Federal Reserve Chairman Jerome Powell noting rate cuts were unlikely in March. The S&P500 rose 1.7% (in local currency terms) while similarly the Nasdaq 100 rose 1.9% (in local currency terms) despite a disappointing start to the Q4 earnings results season.

 
 

Similarly European markets posted minor gains, the DAX 30 Index finishing up 0.9% (in local currency terms) even as the European Central Bank holds off on rate cuts and holds interest rates at a record high level. Chinese markets crashed to a 5-year low as manufacturing activity shrank for the fourth straight month, the CSI 300 and Hang Seng Index dropping 6.29% and 9.16% (in local currency terms) spurred further by the liquidation of property giant ‘Evergrande’ by a Hong Kong court.

 

Fixed Interest

 

Amidst global economic uncertainty, Australian bond markets have moved cautiously in January.  The focus remains on monitoring the evolving economic conditions, particularly the interplay between a robust labour market and tempered household spending. Bond yields mirrored this cautious optimism, with the 2-Year decreasing marginally by 2bps and the 10-Year Australian Bond yields experiencing a slight increase by 6bps, as investors seek clarity on future monetary policy directions.

Globally, the fixed income landscape remained resilient. U.S. Treasury yields saw marginal movement, with the 2-Year decreasing by 5bps and the 10-Year yields increasing by 3bps, as markets adjust to the Federal Reserve's latest guidance on interest rates amidst a stabilized inflation outlook. Meanwhile, UK Gilts rebounded with a modest increase in yields, with the 2-and 10-Year Gilt yields increasing by 25bps and 26bps respectively, reflecting a recalibration of market expectations following the Bank of England's rate decisions.

 

Investors are navigating the early 2024 bond markets with an eye on central banks' commitment to inflation targets and the potential impact of global economic shifts.

 
 

REIT’s (listed property securities)

 

The S&P/ASX 200 A-REIT Accumulation index started the year positively in January, with the index finishing the month 1.3% higher. Conversely, global real estate equities (represented by the FTSE EPR/NAREIT Developed Ex Australia Index (AUD Hedged)) regressed, returning -3.6% for the month. Australian infrastructure started the year negatively, with the S&P/ASX Infrastructure Index TR returning -1.8%.

The Australian residential property market experienced an increase by +0.4% Month on Month (as represented by CoreLogic’s five capital city aggregate). Perth was the biggest riser (+1.6%), followed by Adelaide (+1.1%) and Brisbane (+0.9%). In contrast, Melbourne (-0.1%) was the only city to deliver negative returns in January.

 
 
 

The Boyce Insider March 2024

25 March 2024

 
 

The Boyce Insider - March 2024 

 
 
 
 

A Message from our Managing Director

Carmen Caldwell  

 

The first few months of 2024 sure have been a whirlwind of activity, both for us and our clients. I've had the pleasure of visiting a number of our northern agri clients recently, getting my boots dirty and engaging firsthand with them in the heart of their operations. These interactions are not just a highlight for me personally, but they also serve as a testament to our unwavering commitment to understanding your needs.

This year has also seen an expansion within our team and our services. We're thrilled about the possibilities this growth brings and the enhanced offerings we can provide as a result. Adaptability has always been a cornerstone of our approach, and as we grow, this principle remains at the forefront of everything we do. Whether it's through new innovative solutions, tailored services, or simply being there when you need us most, our goal remains to partner with generations to thrive.

As we embrace the changes and opportunities that lie ahead, please know that your feedback and insights continue to be the driving force behind our endeavours. We are excited to begin the process of gathering your valuable feedback and insights via client surveys.  We are immensely grateful for your continued trust and partnership and look forward to the continued growth and success we'll achieve together.

 

Sincerely,

 
 
 
 

New Service Offering

Sustainability Commercial and Transaction Advisory

Boyce welcomes Katie Pearce as the Executive Business Unit Leader of the newly established service, Sustainability Commercial and Transaction Advisory.

Katie has joined us after previously serving as a Director in PwC's Energy Transition team, guiding clients through innovative energy transition initiatives.

Our experience builds connection and confidence in the delivery of meaningful outcomes for our clients. We connect insight and expertise from a multidisciplinary team focused on resilience, preservation, value creation and legacy; and support our clients to embrace emerging opportunities and anticipate challenges across the evolving sustainability landscape.  

Our offering supports clients in understanding sustainability goals, managing risks, and maximizing value with a focus on strategy, project development, due diligence, negotiation, transaction management, sustainability and ESG strategy and governance, procurement, and contracting. 

Aligned with our mission to partner with generations to thrive, our operating model goes beyond traditional advisory, ensuring alignment with your financial objectives, strategy, and long-term sustainability goals. Our goal is to help you sustainably grow and preserve your family's wealth and legacy, prioritizing respect, confidentiality, and consideration in all our interactions. 

 
 
 

New Service Offering

Strategic Financial Solutions

Boyce welcomes Nick White as the Executive Business Unit Leader of the newly established service, Strategic Financial Solutions. 

With a background as Director in PwC's mid-market Transaction Services and M&A team in Sydney, Nick specialises in business and financial due diligence, strategic planning, financial reporting, and commercial negotiations for mid-market businesses and family groups.

Strategic Financial Solutions expands Boyce's support capabilities, covering the entire business/family group lifecycle. The flexible and scalable operating model caters to individual needs, offering comprehensive standalone solutions or seamless integration with existing management teams.

At the core of this new business unit is the traditional outsourced CFO model, overlayed with a more strategic and commercial focus. Our mission is to go beyond the mandate of a traditional advisor, positioning ourselves as your trusted long-term partner, helping to deliver on your financial objectives and overall strategy. Our approach is respectful and considerate, both in terms of our dealings with you, your privacy and treating the information you provide us with the utmost levels of confidentiality.

 
 

Navigating Workplace Law Changes: A Guide for Employers in 2024

In a significant move to reshape Australia's migration landscape, the Minister for Home Affairs recently unveiled the federal government's Migration Strategy on December 11, 2023. The strategy focuses on reforming Australia's migration program, with particular attention given to temporary skilled migration and the international education sector. While these changes are expected to have far-reaching effects, it is crucial to examine how they will specifically impact rural communities.

The centrepiece of the new strategy is the introduction of the Skills in Demand visa, poised to replace the existing Temporary Skills Shortage (subclass 482) visa. This revamped visa structure is set to bring about several key changes, with the overarching goal of repairing Australia's migration program.

 
 

Key Features of the Skills in Demand Visa:

  1. Time Period: The new visa allows for a 4-year stay for all streams, providing greater stability for temporary skilled workers.
  2. Three Pathways: The visa is segmented into three distinct pathways - Specialist Skills, Core Skills, and Essential Skills - catering to varying skill sets and occupations.
  3. Service Standards: With a commitment to efficiency, the government aims for a median processing time of just 21 days, streamlining the application process.
  4. Increased Employee Mobility: Visa holders will now have an extended period of 180 days to find a new sponsor if they cease employment, up from the previous 60 days.
  5. Streamlined Labour Market Testing: The government has removed the requirement to advertise positions through Workforce Australia and extended the validity period of advertisements from 4 to 6 months.
  6. Pathways to Permanent Residency: All visa holders will now have a pathway to permanent residency, with time spent with any approved employer counting towards eligibility.
  7. Reduced Upfront Employer Costs: In a bid to alleviate financial burdens, the government is exploring the possibility of moving employer fees to a monthly or quarterly model.
  8. Public Sponsor Register: The introduction of a public register of approved sponsors aims to enhance transparency and assist migrants seeking new sponsors.

The Concerns of the Agricultural Sector:

While the changes present positive aspects for businesses and Working Holiday Makers, the National Farmers’ Federation has expressed concerns. President David Jochinke emphasises the need for a dedicated agricultural visa and worries about worker mobility, potential increased paperwork, and the impact on small farming businesses.

Changes Effective from 1 July 2024:

  • Backpackers are no longer required to complete 88 days of specified rural or regional work.
  • British backpackers are permitted to work or holiday anywhere in Australia.

As we anticipate the changes coming into effect on July 1, 2024, striking a balance between meeting workforce needs and ensuring the well-being of rural communities will be essential as the nation navigates this new chapter in its migration strategy.

 
 
 

Economic update from your wealth management team 

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

Interest Rates

The Reserve Bank (RBA) has left the cash rate on hold at 4.35% at its March meeting.  The last increase, in November 2023, was in response to a higher than expected inflation reading in the September quarter CPI.  Since then inflation has slowed considerably.  The inflation data for Q1 will be crucial in determining whether the RBA continues to hold the cash rate.  Other factors effecting the RBA’s next move include the impact on inflation of the forthcoming personal income tax cuts from 1 July and the level of spending seen in May’s budget as the Government prepares for the next election. 

Economic Growth

The December quarter of 2023 showed modest growth of 0.2% to give an annual growth rate of 15% - in line with market expectations.  A rise in exports and a drop in imports contributed the most to the growth tally, however, households also managed to increase overall spending. 

Markets

The Australian market had another positive month in February, finishing 0.8% higher. Leading the market higher were Information Technology (I.T.) (+19.5%), Consumer Discretionary (9.2%), and Property (+5.1).  Since then the market hit an all time with the S&P/ASX200 reaching 7852 in early March before trading in a narrow band around 7700.

Overseas markets also finished the month of February higher, with emerging markets outperforming developed markets. The CSI 300 and Heng Seng rebounded strongly after hitting five-year lows at the beginning of the month. 

 
 

Market Update - December 2023

21 December 2023

 
 
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19 December 2023

 

Your Market Update - December Summary

Chart of the Month - What happens after a market crisis? 

Major financial and political crises are common.  In the last 20 years there have been 9 major events (and many smaller ones) which have impacted markets.  The chart shows the initial impact of these events and how the market has performed over the following 150 trading days following the event.  Whilst this chart illustrates the US Dow Jones Industrial Index the outcome is very similar in the Australian market.

In most cases, the market tends to rebound following a major economic or political crisis.  Whilst we do not recommend market timing, the chart highlights the point that major crises, in general, have a short-term impact on markets.

 

Market Developments during November 2023

 
 

Australian Equities

 

The ASX 200 was up 5.0% for the month of November, halting the three-month slide in returns. Eight of 11 sectors finished positively; the three strongest being Health Care (+11.7%), Property (+11.0%), and Information Technology (I.T.) (+7.4%), while Energy (-7.4%) and Utilities (-6.0%) were laggards. The month began with a rate hike by the RBA and fears of further increases; however, markets were supported by indications of inflation slowing at a decent pace, finishing the month with the strongest return for the index since January.

 

The Health Care sector was driven by a strong month for three major constituents; CSL, ResMed and Cochlear.  Despite the RBA’s decision early in the month, the rate-sensitive Property and I.T. sectors were the beneficiaries of the ease in inflation as investors piled back into those sectors.
 

 
 

Energy stocks were hit by the significant drop in oil prices over the month, partly due to the Chinese economy continuing its struggles. Meanwhile, Utilities were impacted, predominantly, by one stock; Origin Energy, as the unpredictable takeover bid of the company saw its shares fall almost 10%. In all, the ASX 200 finished November by clawing back some of the losses seen in the previous three months.

 

Global Equities 

 

Global equity markets gained in November, rebounding from October lows. Developed markets outperformed emerging market counterparts returning 4.4% (MSCI World Ex-Australia Index (AUD)) versus a 3.1% return according to the MSCI Emerging Markets Index (AUD).

US markets gained. The S&P500 finished up 9.1% and the Nasdaq up 10.8% (in local currency terms) as the Federal Reserve shows signs of ending rate hikes.

European markets also gained on easing inflation data, the DAX gaining 9.5% (in local currency terms) over the month.

 
 
 

Chinese markets performed poorly, as China’s economy continues to contract, and artificially lowered iron ore prices fail to bolster the economy. The Hang Seng Index and CSI 300 Index lost -0.2% and -2.1% for the month (in local currency terms), as China’s largest property giant EverGrande continues to face collapse, dragging the Real estate Sector lower in China.

 

Fixed Interest

 

After four months of rate hike respite, the RBA lifted the official cash rate by 25 basis points to 4.35% following latest inflation data and economic indicators. This marks the highest cash rate level since 2011, and the RBA will continue to monitor the balance between the strong labour market and slowing household sector.

Over the course of the month, bond yields fell steadily with Australian 2- and 10- Year Bond yields falling by 35bps and 52bps respectively. The Australian bond market, as measured by the Bloomberg AusBond Composite 0+ Yr Index, rose 2.97%.

November brought a large recovery in global bond markets as well. US inflation figures came in cooler than expected, resulting in a rise in bond prices and a drop in bond yields. US 2- and 10- Year Treasury yields fell by 39bps and 60bps respectively, despite Moody’s downgrade of US credit rating from ‘stable’ to ‘negative’.

The U.K. saw a larger than expected fall in inflation as well as an increase to the Bank Rate by 75bps by the BoE, resulting in U.K 10 Year Gilt yields falling 34bps – a 50 basis point drop from its October high.

 

REIT’s (listed property securities)

The S&P/ASX 200 A-REIT Accumulation index advanced during November, with the index finishing the month 11.0% higher. Global real estate equities (represented by the FTSE EPRA/NAREIT Developed Ex Australia Index (AUD Hedged)) also finished strongly, advancing 9.0% for the month. Australian infrastructure also performed well during November, with the S&P/ASX Infrastructure Index TR advancing 1.6% for the month and up 6.6% YTD.

The Australian residential property market experienced an increase by +0.6% Month on Month (as represented by CoreLogic’s five capital city aggregate). Perth was the biggest riser (+1.9%), followed by Brisbane (+1.3%) and Adelaide (+1.2%). In contrast, Melbourne (-0.1%) was the only city to deliver negative returns in November.

 
 
 

The Boyce Insider December 2023

15 December 2023

 
 

The Boyce Insider - December 2023 

 
 
 

End of Year note

Carmen Caldwell

Managing Director 

 

As we approach the end of another remarkable year, I wanted to take a moment to express my sincere gratitude to you, our Boyce community.

Your partnership with us has been instrumental in driving our shared achievements. Your support and feedback have been invaluable, shaping the way we approach our work and driving continuous improvement. It is truly a pleasure to work with clients and partners who share our values of innovation, integrity, and the relentless pursuit of excellence.

Looking ahead, I am excited about the possibilities that the upcoming year holds. Our team is committed to going above and beyond to not only meet but exceed your expectations. We anticipate delving into new projects that will showcase the depth of our expertise and the innovative solutions we can bring to the table.

May this festive season bring joy, prosperity, and moments of well-deserved rest. On behalf of the entire Boyce team, I wish you and your loved ones a joyous holiday season and a prosperous New Year.

Embracing Australia’s AI Month in Small Business     

Caroline Wilcher

Executive Business Unit Leader - Boyce Business Advisory, Superannuation and Assurance Services

  
 
 

Artificial intelligence (AI) is a rapidly growing field that has many applications and benefits for business in Australia.

Scheduled from November 15th to December 15th, 2023, AI Month is dedicated to spotlighting Australia’s AI proficiency and championing the responsible creation and adoption of AI to bolster our domestic AI sector and gain a competitive edge in the global arena.

 The National AI Centre’s (NAIC) “Australia’s AI ecosystem momentum” reports there is a growing appetite for AI in Australian business, with business using AI to grow revenue and improve efficiency.  Some of their key findings in relation to AI-related technologies specifically in the commercial sector include:

 
      The need for the partner and support ecosystem in Australia to mature.
 
     Businesses need to recognise the importance of AI solutions in driving revenue growth, process improvement, customer experience, employee experience and digital maturity.
 
     Connecting with the right network of providers and partners is critical to deliver successful outcomes.
 
     Investing in data management skills is important but so is investment in AI technology for data management.
 
     The importance of Responsible AI to ensure accountability.
 

The benefits of AI-related technologies are clear, with an average growth of $361,315 reported for each AI-enabled solution, however the successful implementation of these solutions typically involves the work of at least 4 AI technology and service providers.

A recent study by Xero revealed that half of small business owners now believe the rapid development and adoption of AI will have a positive impact on their business. However, this belief is tempered by the 80% of business owners who continue to hold ethical concerns regarding development outpacing regulation, data privacy and worker displacement. NAIC advocates for the adoption of a “Responsible AI” approach. Responsible AI is founded on empathy, fairness, transparency, and accountability. Business can also access the Responsible AI Network a collaboration of expertise and advice to navigate regulation, technology, and ethics in the AI ecosystem.

 
 
 
 

A Boyce Hero, Dimity Fish 

 
 

For over two decades, Boyce has been more than just a workplace for Dimity Fish. In this interview, Dimity shares insights into the reasons behind her enduring commitment to Boyce, the evolution of her role, and the rewarding experiences that have defined her journey.

Adapting to Life Changes

One of the key factors that has kept Dimity at Boyce for so many years, is the company's unwavering support during her various life transitions. From navigating university and the CA program to starting a family, Boyce has been a steadfast companion, accommodating changes in roles and work-life balance. The company's acknowledgment of the importance of work-life balance has played a pivotal role in Dimity's prolonged tenure.

From Cadet to Advisor

Reflecting on her professional journey, Dimity started as a cadet in business services back in 1998, specializing in financials and tax. Over the years, she transitioned to audit, eventually becoming an audit manager for approximately seven years. Today, Dimity holds the position of a senior manager in the Boyce Business Advisory Team, showcasing Boyce’s commitment to nurturing talent and facilitating career growth.

Culture of Care:

When asked about the most rewarding aspect of working at Boyce, Dimity spoke of the relationships forged with both clients and colleagues –

“The Boyce culture has a large focus on care for clients and care for staff.  Care for people, either professionally or personally is important to me, so its nice to have these values aligned.”

Memorable Moments:

She recalls her experience of flying from Moree to Sydney with Cooma colleagues in a small plane, an event from the early years that left a lasting impression, “it was the smallest plane I have ever been on – I think about a 20 seater – I have never listened to the safety announcement so thoroughly.”

Additionally, the introduction and implementation of the Goods and Services Tax (GST) in 2000 marked a significant period, highlighting the resilience and adaptability of both Boyce and its clients in the face of change.

 
 

As Dimity continues her journey at Boyce after 25 years, these memories and experiences serve as milestones, illustrating not just the professional growth but the personal connections and shared endeavours that make Boyce a workplace like no other.

 
  
  

Economic update from your wealth management team 

Lindsay Garnock

Executive Business Unit Leader - Boyce Wealth Management

 
 

Interest rates and inflation continue to dominate the headlines and are the main drivers of share prices both locally and overseas.  The market expected, and received, another rate hike at the RBA’s November Cup Day meeting with the official cash rate moving up by 25 bps to 4.35%.  The Australian equity market continues to languish and is up only marginally year to date. 

 

Australian Equities

October saw the ASX 200 finish down 3.8%, marking the third consecutive month of negative returns. Several factors have contributed to the drag on returns, including stubborn inflation, rising bond yields, tentative company earnings outlooks and ongoing geo-political tension. In all, the ASX 200 retreated in October, indicative of the significant headwinds that the local market continues to face.

Global Equities

Global equities had another negative month across the board. Investor concerns continue around interest rates remaining higher for longer. US equities declined following the Federal Reserve’s stance of a “restrictive” policy until inflation seems to ease. This saw the S&P500 Index decline by -2.1% (in local currency terms). The same concerns were raised in the UK, also holding interest rates at 15-year historical highs with the FTSE 100 Index returning a loss of -3.7% (in local currency terms) for the month.

 
 
 
 

Grand Celebrations: Boyce Marks 50 Years

 

Client Appreciation: A special tribute to the clients who have been an integral part of Boyce's journey, recognizing their trust and collaboration.

Employee Recognition: Honouring the dedicated individuals whose hard work, passion, and talent have played a crucial role in shaping Boyce into the industry leader it is today.

 

2023 marked 50 years of business for Boyce. This milestone is a testament to Boyce's enduring legacy, unwavering commitment, and the deep-rooted relationships it has fostered over time. From humble beginnings to becoming a powerhouse in the industry, Boyce’s history is a tale of innovation, resilience and excellence.

To commemorate this achievement, a black-tie dinner was held at Randwick Racecourse in November. This was an opportunity for senior team members and clients to come together to show our appreciation to all of those who have contributed to the journey.

The anniversary celebrations then continued with the entire Boyce team travelling to Sydney. Firstly, with lawn bowls (and a healthy dose of competition) and then a lunchtime cruise around Sydney Harbour.

Check out our social media channels for more details on these events.

We are now looking forward to continuing the Boyce journey, and what the future has to offer.  

 
 
 
 
 
 
 

Holiday Office Closure

All Boyce offices will be closed from Friday 22nd of December 2023 and will reopen Monday 8th of January 2024.

Our team wishes you a safe and happy holiday season.

 
 

 

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