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1.Market Observations, 8.Was Sticky

10 May 2017 (AFR) – CSR’s housing warning rattles investors

(10 May 2017, AFR, online, by Michael Smith)

‘Rob Sindel has called the end of the longest building boom in Australian history and his shareholders do not like it. When the chief executive of one of the biggest building materials companies says residential housing has peaked then it is worth listening. Construction bosses have a better read on the market than most. Sindel was correct 18 months ago when he said it was premature to call the end of the boom. There had been a sharp sell-off in building material companies at the time, triggered by interest rate rises and suggestions Chinese demand for property was waning. It was a different story on Wednesday when Sindel handed down a robust 25 per cent increase in annual profits. While any company reporting double-digit earnings growth is a stand-out in today’s market, expectations were high leading up to the result. CSR shares fell 11.8 per cent.’

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

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