Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market was aimless and volatile for the first few hours before starting a steady climb for a positive day on the back of the big banks. The market was pushed up mainly by the Banks with resources playing second fiddle to cover the negative performance from the rest of the market. Out of the stocks that reported today, ANZ was at the top of the list and IFL was at the bottom. We maintain our view that early August remains a weak period where profit taking is likely with prices running ahead of earnings as the market moves from confession period to reporting season. Despite the short term profit taking worry on some stocks, we continue to remain positive on the medium to long term outlook for the equity markets. Key Stocks Reporting Tomorrow > CBA and AGL…. (VIEW LINK)