Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market held flat on the back of banks while stocks with negative update and management changes were getting sold down. Banks lead the way for the fourth day in a row while TLS did it’s best to support. FLT continued to take a hit with back casting analyst were lining up to downgrade the stock. Everything has a price and FLT will get interest as it gets close to $32 with substantial shorts sitting in the market. Management changes were another risk category to hit multiples stocks including SWM, FXL and BKN. SKE was up on the PRG M&A while gold stocks NST and SAR saw profit taking as spot gold retreated with stronger USD. SGH still is struggling to get the market to buy into the value of the M&A and IFL getting more media mentions than Kim Kardashian. MYR refinancing drove some short covering, but long term picture is still very dim. (VIEW LINK)