Sunset Strip | Aussie Afternoon Institutional Market Wrap
Aussie market remained negative from open in line with negative global sentiment and NZ rate cut. Institutional investors moved yesterday to lock in the recent gains as the first sign of US reporting season wobble with Apple. The market was lead negative mainly by resources while small caps held flat on the back of small cap tech stocks (i.e. MITCH stocks). Gold equities performance was stock specific, but so far every gold stock has delivered very solid updates in a tough market. Market still digesting APRA move on Banks while ANZ moved to raise interest rates on investment property loans today. The unit investment property market with falling rental yields and rising interest rates may be the first segment of the property market to start feeling the pinch.Tomorrow is the last day of the week and we have more macro and reporting season to come…fund managers are unlikely to make big calls going into the weekend…once you lose positive momentum, it’s hard to get it back…expect profit taking to remain with higher volatility...stay nimble!!! (VIEW LINK)
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