Market moved up again despite negative global sentiment to deliver fourth straight positive day. Aussie market looks to be suffering from delusions of grandeur by maintaining the positive momentum despite falls in global markets, currency, volatility index and yields. We are in the school holiday period where most will take the next two weeks off with Christmas and New Year breaks. This week has seen better volume than most and that may dry up next week. The local market has reached 18mth high on price index while making new all-time high on accumulation (i.e. including dividend) index. Local market is trading at stretched multiples with declining yield and growth support. For the full report… (VIEW LINK)
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