Local market fell on the open before recovering to finish flat. Resources and Financials help to hold the market from profit taking in the big industrial sectors. The best performing sectors were Miners, Banks and Energy while the worst performers were Utilities, Staples and Health Care. On the sector/stock front….(1) FLT > link with Air BnB should help the underperformer compared to WEB and CTD (2) REA > moving into financing to package…should be positive…bad for mortgage brokers (3) TEN looks to be on the dating circle for M&A but not so sure about multiple hunters (4) Gold price was hammered on a fat finger trade and if the equities come off, it should be a buying opportunity for July recovery (5) AOG now doing buy back after media smashed it overnight and calling for Retirement Operators to be regulated better (6) UK has a deal for government but Brexit remains a mess (7) Karma biting the Banks and they are likely to be a default GST collectors for years to come (8) ALS getting attention on gold miners doing more…mining services will do better overall in the next 12 months.
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