Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market started with a big move up in line with US sentiment before Resource sector lead profit taking ate up all the outperformance. Bank sector to benefit from dividends flowing back while gold sector looks interesting as the market gets over US rate rise risk and AUDUSD holds up better than expected. DXS moved on consolidation play by bidding on IOF while BRS popped on Spanish bid. UGL got the benefit of association with BRS while SPO and ARI were still getting hammered on negative sentiment. ISU was sold down after the take-over bid was out of play. Energy stocks were seeing selling after OPEC left over supply while gold stocks were seeing buying support after recent selloff. Despite recent profit taking, it still looks like we will continue to Christmas rally similar to last year…we expect the third leg in the rally to start soon!!! (VIEW LINK)