Weekly Market Monitor – Week Ending 28 April 2023

• Crypto and Bitcoin ETFs (CRYP, EBTC) were top performers for the week, returning to the spotlight as the collapse of First Republic Bank bolstered the blockchain’s trust-less finance narrative. Uranium ETFs (URNM, ATOM) also outperformed as both of the world’s largest uranium producers, Cameco and Kazatomprom, posted impressive earnings last week. Cameco’s earnings doubled compared to the previous corresponding period, while Kazatomprom’s total sale volumes more than doubled in the quarter.
• Platinum group metals (ETPMPT, ETPMPD) fell to the bottom of the ladder as previously bullish traders re-evaluated China’s GDP growth. China’s economic performance has a significant impact on PGM demand, and while China’s recent GDP report is supportive of a swift recovery, some analysts remain sceptical of its strength.
• There were $259.2 million in reported industry inflows for the week. Bond and cash ETFs (AAA, BILL, SUBD, FLOT, AGVT, QPON, IAF) dominated the flow charts – indicating Australian investors are still on the hunt for income generating assets.
• There were only $139.7 million in reported outflows.
• Large index tracking ETFs (IOZ, VAS, VGS, VHY, NDQ) were responsible for the majority of trading volumes as usual.

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