Weekly Market Monitor – Week Ending 6 April 2023

  • Gold miner ETFs (GDX, MNRS) were top performers last week as gold prices surged to all-time Australian dollar highs and Newmont Corp’s record breaking $30 billion acquisition proposal for Newcrest Mining spurred on interest in the area.
  • Crude Oil (OOO) had yet another stand out week, as OPEC+ surprised with a 1.1-million-barrel daily output cut. This, combined with Russia’s own oil production cuts which began in March, has put pressure on global crude supply causing price inflation.
  • Clean Energy ETFs (HGEN, TANN, URNM, ERTH, ATOM, T3MP) fell across the board last week after early drafts of the G7’s climate meeting showed a general endorsement of new investments in natural gas, but a reluctance toward reductions in fossil fuel usage. These notes run counter to projections by the International Energy Agency, which said no new investments in fossil fuel can be made if global warming targets are to be hit.
  • There were $430.5 million in reported industry inflows last week. Income ETFs (ICOR, SUBD, FLOT, AAA, BILL) took home the lion’s share of flows once again, suggesting investors continue to favour yields over other assets.
  • There were only $62.5 million in reported outflows last week, meaning the industry enjoyed a big week of net inflows.
  • Vanilla index trackers (IOZ, VAS, STW, VGS) dominated trading volumes as usual.

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