The sub-index lost about 2.8% in 2021 as the buy now pay later firms lost their shine, with sector leader Afterpay APT.AX shedding about 30%. The S&P/ASX 200 index .AXJO gained 13% in a year marked by record dealmaking activity and initial public offerings amid accelerating inflation and COVID-19 concerns. At the end of the day, it's all driven by balance sheet expansion from the central banks," said Mathan Somasundaram, chief executive officer at Deep Data Analytics.