Global equities remain positive

Global equity indices have shown positive performance in 2003 of approximately 25 to 30%. The significant equity market rally since March 2003 has been led by smaller and mid-cap sectors, by companies which have been through significant restructuring and by more volatile sectors such as technology and media. Large cap and defensive sectors have underperformed. The 2003 rally has been caused by a complex mix of a number of positive factors for markets, namely: • Economic growth has recovered strongly as evidenced by the 8.2% third quarter annualised US economic growth rate and by the pr...