Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market pulled back after four positive days with market uncertainty on Greek deal. Let us wait for the next episode of “WHAT WILL GREECE DO TONIGHT?” The selling today was broad based with every sector seeing its fair share of pain. SGH was the whipping boy today for the market as the parent of the recent UK business went under Financial Conduct Authority inquiry into the public statements about its 2013 and 2014 financial accounts. BH analyst is comfortable with the SGH management view on the transaction while the shorters are playing the scare story. This will prove to be either a great fancy accounting or big short squeeze on bargain hunting as details come out. BKN and MAH are talking M&A, divestment and capital raisings, but while the sector is in a death spiral, it is hard to get excited. MYX refinanced while CKF realised sizzlers are not in fashion. BHP and MGR joined the queue in firing people while Roy Hill is supposedly trying to cut wages. (VIEW LINK)