November saw continued volatility in equity and debt markets across the globe. However, there were signs, particularly in the US, of an easing in the worst of the credit market dislocations as market interest rates declined significantly. Australian equity values fell sharply before rallying toward the end of November in line with trends in other major markets.
Trading volumes in cash equities remained robust despite the volatility in markets and an overall decline in market indices, with ASIC’s removal of the ban on covered short selling of non-financial stocks on 19 November 2008 coinciding with an uplift in the number and value of cash market trades late in the month.While volatility and declining equity values continued to deter initial public offerings (IPOs), the strength of secondary capital raisings continued into November as companies with a need for capital looked for opportunities to strengthen balance sheets or to finance corporate activities. During November, there were several large individual capital raisings including National Australia Bank ($3 billion), GPT Group ($1.3 billion), and Goodman Group ($950 million).
ASX’s trading, clearing and settlement systems provided market users with reliable uptime availability throughout the month.
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