Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market up and down trend held again with solid bounce up with global trend. The risk remains with Greece negotiations. Chinese markets are down over 6% today and some 14% drop for the week. It looks like the momentum is turning and leverage run up will speed up the profit taking as well. We could see it drop 25% from the highs very quickly. We were surprised to see that the gold equities are not running on improving spot gold price. The bond market showing some form of stability despite the macro worries. The big positive performances were led by IFN (up 11%), IPP (up 10%), VRL (up 9%) and SEA (up 8%). The big negative moves were led by ASL (down 9%), CWP (down 7%), SLR (down 6%) and BAP (down 5%). Banks lead the market up with a number of big management changes coming through. It’s a waiting game to see what happens in Greece through the weekend. (VIEW LINK)