Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market delivered slight negative day with Greece optimism waning and bond market seeing some stabilisation. The bond market risk reduced overnight with bond buying pulling yield down by 15bps in Australia on Greek worries. The more we see bond market settling the more buying appetite likely to return to the market. Even though value has definitely returned to the market, the sentiment remains negative with global macro uncertainties and sliding local economy. The big positive performances were led by GBT (up 6%), TEN (up 6%) and PDN (up 5%). The big negative moves were led by ERA (down 48%), MYR (down 5%) and BRU (down 5%). Banks held the market from falling as bond yields pulled back. We saw bargain hunters come back to small cap land today as optimism improves. Energy sector risk went up more as Saudi’s are talking about increasing supply further for India’s demand. Supermarket margins are under fire again with Metcash joining the race to the bottom on price. Commodities remain challenged with China demand under question. (VIEW LINK)
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