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Market Settings

Configure your market benchmarks and commodity settings for accurate performance analysis.

Accessing Market Settings​

  1. Go to Company Settings
  2. Select the Market tab

Benchmark Index​

The benchmark index is used to calculate abnormal returns and measure relative performance.

Available Benchmarks​

IndexCodeBest For
S&P/ASX 200AXJOLarge caps
All OrdinariesXAOBroad market
Small OrdinariesXSOSmall caps
S&P/ASX 300XKOExtended coverage

Choosing a Benchmark​

Select the index most relevant to your company:

  • Large cap (top 200) → Use AXJO
  • Mid cap (200-300) → Use XKO
  • Small cap (outside 300) → Use XSO

Impact of Benchmark Choice​

The benchmark affects:

  • Abnormal return (AR) calculations
  • Cumulative abnormal return (CAR)
  • Z-score and spike detection
  • Risk metrics (beta)

Commodities​

For resources companies, enable commodity tracking to benchmark against relevant commodities instead of (or in addition to) market indices.

Enabling Commodities​

  1. Toggle Commodities Enabled
  2. Select your primary commodity
  3. Optionally add secondary commodities

Available Commodities​

  • Gold (XAU) - For gold miners
  • Silver (XAG) - For silver producers
  • Iron Ore - For iron ore miners
  • Copper - For copper producers
  • Lithium - For lithium companies
  • Oil (WTI) - For oil & gas
  • Natural Gas - For gas producers

Primary Commodity​

The primary commodity is used as the benchmark for AR/CAR calculations when commodities are enabled.

Example: A gold miner's stock movement is more meaningfully measured against gold price than the ASX 200.

Setting Primary​

Click the star icon next to a commodity to make it primary. The primary commodity appears first and is used for benchmark calculations.

How It Affects Analysis​

With Commodities Disabled​

Expected Return = α + β × Market Return (AXJO)
Abnormal Return = Actual Return - Expected Return

With Commodities Enabled​

Expected Return = α + β × Commodity Return (e.g., Gold)
Abnormal Return = Actual Return - Expected Return

This provides more relevant analysis for resources companies whose stock prices are driven by commodity prices.

Saving Changes​

  1. Make your selections
  2. Click Save
  3. Historical metrics will use the new benchmark going forward
  4. Previous calculations are preserved for comparison