Bendigo Bank (BEN) +11.28%: We touched on a strong BEN result this morning with cash profit coming in at $220m v $173m expected, a 27% beat however I was looking at other previews this morning and Credit Suisse had $126m pencilled in, a huge beat to those bearish / wrong assumptions. BEN announced an interim dividend of 23.5c (v 15c expected) which was a 57% payout ratio plus they expanded margins. This was a really strong result relative to downbeat expectations plus it’s another sign of a resurgent banking sector. We’ve made one tweak around our banking exposure recently going up the risk curve buying Virgin UK (VUK) however looking at the relative performers in the space today with CBA down and the rest up, it seems like money may start to flow into the laggards i.e. sell CBA buy WBC as an example.
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Performance update for March, stocks that drove returns & our current positioning
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Friday 26th April – ASX200 -101pts, Newmont (NEM), Resmed (RMD) & Super Retail (SUL)
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Market Matters Research Lead Shawn Hickman with David Koch
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