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1.Market Observations, 8.Was Sticky

22 July 2016 (AFR) – Pumped up shares exit Brexit fears – Australian sharemarket rises past 5500 level shrugging off ‘expensive’ tag

(22 July 2016, AFR, p1, by Vesna Poljak)

‘The Australian sharemarket is the most expensive it has been since the global financial crisis hit our shores as stocks rally through 5500 points for the first time since August 2015. As Wall Street banks post better than expected quarterly earnings pushing the S&P 500 through record territory, and investors anticipate billions of dollars in fiscal and monetary stimulus ahead, equity market volatility has fallen to pre-Brexit vote levels. The sharemarket has charged ahead on low volumes and…’

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