“The “Big Australian” rallied the most in 15 weeks yesterday as the market appeared to say enough is enough i.e. the stock had fallen over 11% following last month’s result which we thought was solid – had it been sold off further towards $40 the plan was to increase our exposure across portfolio (s). Subscribers should remember we are medium to long-term bullish towards the resources hence we are reticent to reduce our exposure too far while importantly being buyers into weakness.
- We continue to believe BHP will range trade through most of 2023 but we should note it pays a 90c fully franked dividend next week.
- Hence we may trim our BHP position slightly if it rallies into the $50-52 area next week otherwise we will stay as we are.
MM still believes BHP will trade between $40 and $50 through 2023
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NB, We hold BHP in both our Flagship Growth & Active Income Portfolios.
