Wider markets robust, battery materials weak in March
The S&P Global 1200 index was up 3% in March but most of our battery materials equity indices gave up performance on a one-month basis, with only Manganese bucking the trend. The market continues to struggle for direction as it worries about bond yields. It can’t seem to decide on its style preference over the past 1-2 months, flipping between growth and value on an almost daily basis. While there is strong retail support for Tech names in North America, there is strong institutional support for value and reflationary names (such as resources stocks) and the tug of war continued...