Local market fell from the start before making a slight recovery to close for second consecutive negative day. ANZ result earlier this week turned the bank sector sentiment and the premium is unwinding. TPM downgrade in 2016 drove the reality check into high PE stocks…will the VOC downgrade be the catalyst for another reality check? Time will tell. Energy, IT and Heath Care were the outperformers while Banks, Miners and Staples were the underperformers.

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