The S&P/NZX 50 G index rose 2.7% in March 2021, bringing the index to a close at 12,560.7. This brings the 12 month return to +28.2%, a period which begins just post the COVID-19 market low. For the second month in a row, Cyclicals were the strongest performers while Defensive Yield stocks performed the worst. Information Technology was the best performing sector thanks to strength in Vista Group (VGL), Serko (SKO) and Pushpay (PPH). Weakness in the a2 Milk Company (ATM) and Synlait Milk (SML) led Consumer Staples to be the worst performing sector in March. Off-shore markets, S&P/ASX200 Accum, S&P500 TR and FTSE100 TR returned +2.7%, +4.4% and +4.2% respectively (local currency).