Oversold Greece and Spain top “equity World Cup”

World cup brasilThe country with the best-performing equity index out of all the nations in the FIFA World Cup in the past 12 months was Spain, followed by Greece. The Spanish equity index from S&P Dow Jones Indices rose 46% in the period, while the Greek index rose 41%. The worst-performing index in the table was Ghana, which fell by 20% in the 12 months. Tournament favourites Brazil also scored poorly by equity returns, with a 7% loss in the period. “Though we might be surprised to see the maligned economies like Greece and to a lesser extent Spain doing so well, it goes to show how oversold their equity markets were 12 months ago, and how strongly they’ve bounced back,” says Tim Edwards, director of index investment strategy, S&P Dow Jones Indices. Edwards described his firm's ranking of World Cup equity returns as a “sideways look at the football field”. ©2014 funds europe

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