Thursday saw the ASX making another (near-enough to)six year intra-day and closing high as trading in the blue chips continue to push the market make levels not seen since mid-2008. With the three remaining big four banks due to report to the market over the coming two weeks; yield hunters look to scraping for every cent to be found. Both WBC and ANZ made record highs ion Thursday, however the forecasted yields are not what you would call 'chucky' so maybe the euphoric trade is due to WBC's east coast housing exposure and the earnings prospect that will bring and ANZ's healthy net interest margin and growing earnings growth in Asia both will print record all time profit numbers come reporting. However, Australian investors have taken the last two weeks off having opened set-and-forget positions - profit lock-in is also likely to figure in today's trade. (VIEW LINK)
Bank results later this week will be interesting. In the absence of really regular corporate updates and with the weighting these stocks have within the markets they will definitely be a point to focus on - looking forward to seeing how these results come in.