PORTUGAL - Portuguese equities posted a return of 5.5% in January, their best performance since November 2001, according to Watson Wyatt.
In its monthly update on Portuguese funds, Watson Wyatt said the best returns were seen in Portuguese equities and international bonds, mainly due to the appreciation of the US dollar.
Overall, the consultancy said January was a good month, with most asset classes posting positive returns.
“The financial markets had positive returns, stimulated by companies’ results and corporate activity, despite a fall in equities in the USA (some 2.5%),” Watson Wyatt noted.
“In an apparent technical correction, the US dollar registered a gain of 4.5% and interrupted a negative sequence of 5 consecutive months (12% of accumulated losses).”
Watson Wyatt said the compounding of SEMP’s average asset allocation as at the end of September 2004 with the corresponding indices’ monthly returns produced an expected non-annualised average return of 1.7% for Portuguese pension funds.
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