Indices: Australian ASX 200
The local market rallied 48-points yesterday but the gains weren’t particularly broad-based with less than 60% of the ASX200 managing to close up on the day but when BHP, CBA and CSL rally an average of ~1% the index is likely to follow suit. We remain mindful that historically stock markets often make their high, or low, in the 1st few days of any month hence we remain comfortable maintaining our neutral approach after the market’s 9% recovery from its June low.
The ASX200 looks set to open up around 45-points this morning challenging the 7000 area in the process, if we follow the US Index it should be another “risk on” session with Energy & Consumer Discretionary stocks leading the way:
