Sunset Strip | Aussie market pulled back as bond yields steadied at 2.55% while currency pulled back after popping above 77 cents

Mathan Somasundaram

Deep Data Analytics

Sunset Strip | Aussie market pulled back as bond yields steadied at 2.55% while currency pulled back after popping above 77 cents. Turnover was just below $4.8billion. The market is stretched on any valuation metric, but the historical low interest rates are forcing the market to go higher on by yield differential. The yield stocks that bounced yesterday on falling bond yields were under pressure today as bond yield steadied and slightly recovered. STOCK TRENDS: The big positive performances were mainly driven by M&A today. TPM popped 18% after it bid on IIN (up 25%). The sentiment dragged to other second tier telcos like VOC (up 9%), AMM (up 7%) and MTU (up 4%). We had been expecting M&A in this sector to drive growth and our preferred M&A pick was TPM to acquire IIN. EHL also had a good day moving up 17% on acquiring Rentco. The big negative moves were profit taking led by SLX (down 5%) and EVN (down 4%). (VIEW LINK)


Mathan Somasundaram
Founder & CEO
Deep Data Analytics

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...

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