Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market delivered a flat day in line with global sentiment despite commodity prices falling. There was solid $6.0b turnover in the market that bounced back from early selling. The US FOMC minutes will give some colour to where US rates are going and that will in turn move AUDUSD. If the government does not go to election in the next 6-9mths, the next set of budget data will be too politically messy. The opposition has been onto this early as they already put up election posters around Sydney and the budget reply was all about the election pitch. RBA made a bad choice in cutting in May…very much like Feb. Market is once again close to 5600 level where we see the yield weighted fair value for the market. Time to BUY Banks (NAB, ANZ, MQG, BOQ), Telecoms (TLS, SPK, AMM, VOC, MTU) and Healthcare (ANN, CSL, RHC, SRX)…Banks expected to outperform Big Miners short term…more return than risk now!!! (VIEW LINK)
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...