Sunset Strip > Trading Day Wrap From Blue Ocean 20170623

Mathan Somasundaram

Deep Data Analytics

Local market had a relief bounce with very little sentiment. Commodities were holding while currency pulled back. We saw a lot of short covering driving up performances in beaten up stocks on a weak sentiment day. The best performing sectors were Health Care, Miners and Telecom Services while the worst performers were Property Trust, Banks and Utilities. China is moving to reduce global acquisitions…to reduce capital outflow…bad for Aussie property, food and mining M&A. NAB was the latest to have a go at interest only loans while SA bank tax is just the beginning. Over time the default GST rise will come from bank tax. AUDUSD is now pulling back to 200 day MA…negative for banks and positive for health care…negative short term for market overall…defensives should benefit.

 

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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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