So far this year ANZ has rallied +4.6% whereas QBE has popped over +11% following an excellent earnings report, Adjusted Net Profit of $770m was well ahead of the consensus of $653m driven by better-than-expected investment performance. These are arguably our favourite 2 stocks in the respective sectors hence our ideal “buy levels” aren’t too far below yesterday’s close.
- We like QBE and following its strong result, the value and risk/reward looks great back under $14.50 but we might need to chase this particular stock – wish we had before!
- Similarly we like ANZ into weakness sub $24.
MM like ANZ and QBE into relatively small pullbacks
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