Sunset Strip | Afternoon market report
Sunset Strip | Aussie market saw bargain hunters taking advantage of yesterday's bashing. Turnover was just below $7.8billion. The reason for bargain hunters to emerge today was mainly driven $4.4b worth of dividends hitting the bank accounts in the last 3 days. The main contributions to this dividend driven bargain hunting were made by TLS with $1.8b dividends today and WPL with $1.5b dividends on Wednesday. US market moved to technical negative territory with fear and greed index moving further down the fear path. US GDP data update tonight should keep global markets guessing. There is no doubt that US is recovering, but the rate is below trend and will hit currency and slowing global headwinds. The US domestic data does not show a complete broad base recovery (i.e. retail data has remained weak for the past few months). Turnover levels moving around, short covering, stretched multiples, low volatility, rising bond yields were sending warning signs at the start of the week and we got the big move down yesterday that broke the recent uptrend. (VIEW LINK)
Over 25 years’ experience in the finance/tech industry. Mathan has worked extensively in all parts of the finance sector (i.e. County NatWest, Citi, LIM, Southern Cross, Bell Potter, Baillieu Holst and Blue Ocean Equities). Currently Founder and...