The Top 100 Companies market capitalisation decreased by 11% compared to 31 March 2022, the first significant decrease since 2009. This was despite a market rebound in Q1-23, reflecting the challenging backdrop for equities from the ongoing tightening of fiscal policy and stubborn inflation, compounded by the uncertainty in the US and European banking sector.
Stuart Newman,Global IPO Centre Leader, Partner, PwC UKSource: Capital IQ with PwC analysis
Source: Capital IQ with PwC analysis
Source: Capital IQ with PwC analysis
Financials had performed well relative to the Top 100, benefitting from the rising interest rate environment. However, worries of instability in the US and European banking sectors resulted in share prices falling at some of the world’s largest financial institutions. The aftermath led to one US bank exiting the list after shedding over 30% of its value in Mar-23.
Energy fell 12%, with varied performance amongst the seven Energy companies. Significant movers were, a Saudi Arabia based Company, who fell 18% ($404bn), whilst a US based company grew 28% ($97bn) in the year.