Afternoon report with the Australian market aimless as the US was shut for President's Day:
- Local market was aimless with US shut for President’s Day while China stimulus keeps commodities strong.
- The result updates were mainly driving profit taking for the likes of SIV, IGO and ACX while MND and GXL were the clear positive standouts.
- There won’t be a real surprise that BHP will have a cracker result…miners are on an upgrade cycle and soon to be talking dividend surprise!!!
- US Fed updates are in play for the next month (1) Minutes from last month’s FOMC meeting will be released on the 22nd (2) FOMC’s next meeting on 14/15th March.
- Mining Services sector remains best exposure to resource sector recovery story with the unexpected commodity cycle recovery in 2016 to show solid cashflow in miners and support better capex outlook.
Click here to access the full afternoon report.