Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market delivered a positive day inline with global sentiment despite Grexit and Chiquities hanging over the markets. Greece has delivered a deal and we should hear tonight if that is anything to be positive about. EU then has to decide if this ends in a Greek tragedy by Sunday. There is a very small chance of a deal being struck despite pressure from US and IMF while the odds for Grexit are now sitting at 50/50. Germany, France, EU and IMF have already run the numbers over plan B and will move sooner than later if Grexit is in play. Chiquities had second positive day while some 70% of the stocks are in suspension and all major shareholders and directors are banned from selling shares for 6 mths. The real test for Chiquities will be what the market does when the restrictions are removed, but that may be a weeks or months away. The next few days are going to get rocky and there may be some panic selling, but we see this as another buying opportunity. (VIEW LINK)