Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market popped up on short covering bonanza and Iron Ore / Oil maintaining their recovery. The market still remains in a technical down trend with better than expected domestic data and global currency wars putting doubt on May rate cut. The Turnover was just above $7.7b with option expiry kicking in more confusion to the market movement. There is a clear correlation between highly shorted stocks and good performance today. This trend was not just linked to commodity related stocks. It was a good day to take profit on some perennial underperformers as the market let the dogs out. The big positive performances were led by LNG (up 16%), ACR (up 12%), SEA (up 12%), PRU (up 12%), RSG (up 11%) and SXY (up 11%). The big negative moves were led by RMD (down 10%), ORE (down 7%), BRU (down 6%), SEH (down 6%) and IFN (down 5%). We have been suggesting to clients to take profit since start of March on every occasion when the index gets close to 6000. (VIEW LINK)
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Over 25 years’ experience in the finance/tech industry. Mathan has worked extensively in all parts of the finance sector (i.e. County NatWest, Citi, LIM, Southern Cross, Bell Potter, Baillieu Holst and Blue Ocean Equities). Currently Founder and...
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