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S GSCI records first positive month of returns since June 2008

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Standard & Poor’s has announced that the S GSCI increased 4.51 per cent in March for its first monthly gain since June 2008. 

Standard & Poor’s has announced that the S GSCI increased 4.51 per cent in March for its first monthly gain since June 2008. 

Leading the index into positive territory was the S GSCI Industrial Metals Index, which returned 10.12 per cent during the month.

For the first quarter, however, the S GSCI lost 10.64 per cent due to continued weakness in the energy sector.

‘Offering some optimism for an economic recovery, the strong performance of  industrial metals in March made this economically sensitive sector the best performer during the first quarter,’ says Michael McGlone, director of commodity indexing at Standard  Poor’s. 

In addition to its strong monthly return, the S GSCI Industrial Metals Index posted a first quarter gain of 5.97 per cent, inching past precious metals as the best sector performer during the first three months of 2009.

Despite a 4.72 per cent March increase, the S GSCI Energy Index was the biggest drag on the index. 

Through the first three months of the year, the S GSCI Energy Index has fallen 14.70 per cent. 

According to Standard & Poor’s McGlone, steep contango conditions in most energy futures markets have been responsible for hampering energy returns so far this year.

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