Local market popped on the open with better global sentiment post French election before pulling back on the reality of weaker commodities and do-nothing budget. Commodities were stable for a change after a week of bashing…but China hasn’t turned the corner…value has returned to the sector but the momentum remains weak. WBC reported another boring result to bring the bank reporting cycle to an end while bank div season to a start as ANZ went ex div today. Media reform had the sector in a wobble…M&A has to happen…but outlook remains weak…FXJ, APN, SXL and PRT will get interest on M&A!!!
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