Weekly Market Update 2/11/09
Posted on 02. Nov, 2009 by Global in Stock Broker Reports
CORRECTION IN FULL SWING – “VOLATILITY IS BACK & INSURANCE NOW PAYING”
Hold on tight long term investors as nothing can stop this sharp sell off from taking place, seems the fear of inflation along with more write off’s from Global banks including Australian banks are to blame for this move down..
Last week we seen National Australia Bank and A.N.Z both produce their full year results and neither convinced the market to move higher.
When you see dividends being slashed by 20 – 25% and earnings per share being trimmed it is never a good short term sign for a higher share price. Banks will eventually shine again and return to making record profits however right now they are at their top end of their fair
value trading range.
Our Telecommunication sector was the only sector that was able to hold on to solid gains.
Buy the banks after a good dip especially banks going ex dividend this month….
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