Sunset Strip | Aussie Afternoon Institutional Market Wrap

Aussie market started strong on global sentiment and then gave up some of the gains for profit taking before closing well in the positive territory. The main drivers were banks and miners. The market has moved from Brexit worry at the end of June to bulling sentiment on weak central bank conviction and even weaker government reform agenda. We suggested to start buying from Tuesday 28th of June after 3 days of panic Brexit selling. Reporting Season is ahead and that will raise volatility and drive some profit taking but the market should perform well in the medium to long term basis as rates going lower. (VIEW LINK)