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1.Market Observations, 8.Was Sticky

18 Feb 2017 (AFR) – Reporting Season: Upbeat earnings mood for Australian stocks punctuated by big misses

(18 February 2017, AFR, p17, by Vesna Poljak)

‘Even as the market has climbed 3 per cent, wild share price gyrations for once-loved stocks have forced investors to rethink their strategies. While Boral, CSL and Computershare have delivered, Domino’s, Telstra, Seven West and Magellan have underwhelmed.’ [From the AFR page 1 headline.]

‘The profit season has helped lift the Australian sharemarket by almost 200 points but that has failed to spare market darlings such as Domino’s Pizza, Treasury Wine Estates and Magellan Financial Group from further pain as they collided with the reality of lofty expectations and high valuations. As of Friday, the S&P/ASX 200 Index closed at 5805.80, up 185 points since the start of February. Broad-based earnings upgrades and a bullish mood fuelled by the Trump rally and positive Chinese economic data mean Australian companies are on track for a return to earnings per share growth in 2016-17 for the first year in three.  But investors remain cautious about the quality of earnings.’

Read more at AFR.com (might need AFR login access, or try: AFR.com/trial)

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