Super breaks losing streak

SUPERANNUATION funds posted a rare increase in October, providing some respite for investors after five months of negative returns driven by global market volatility.

The median balanced option superannuation fund posted a 2.8 per cent rise in October, following a 1.8 per cent drop in September, according to super fund ranking agency SuperRatings.

"This is a strong result and the first sign of positive returns in the last half year," said SuperRatings managing director Jeff Bresnahan. "Whether this cheer is short-lived or leads to further gains in fund returns, hinges on the evolving situation in Europe, and whether it continues to cloud otherwise encouraging market developments."

The ASX 200 rose 7.2 per cent in the month of October, amid now-dashed hopes for a resolution to the European debt crisis. Those same concerns, along with worries of a looming global recession have helped send the ASX 200 lower for the past six consecutive months.

"Significantly positive returns provided by equities in October were a welcome respite from the familiar declines members have endured over the past few months," said Mr Bresnahan. "Given the surge in equity markets globally, it was no surprise to see funds biased towards growth assets leading the performance tables in October, with the median growth fund, returning 3.6 per cent.

Read more at brisbanetimes.com.au


Drink driver wrap: Prossie police say man blew whopping .237

premium_icon Drink driver wrap: Prossie police say man blew whopping .237

Drivers given date with magistrate after allegedly driving well over the alcohol...

Is it a bird? Is it a plane? No, it’s Whitsunday council

premium_icon Is it a bird? Is it a plane? No, it’s Whitsunday council

Council has purchased two new drones to help with compliance inspections, mapping...

What you need to know about changes at border

premium_icon What you need to know about changes at border

Police have issued a renewed warning over changes to border restrictions. Here’s...