Queensland based SUN has forecast its maximum retained cost from the floods will be about $75mn but although the stock delivered a solid result last month sentiment is clearly against the sector due to the combination of a nervous stock market, bond yields upside momentum waning on economic concerns around Ukraine and now the floods. The stocks strong yield and recent 24% pullback leaves us neutral to slightly bullish SUN.
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QBE Insurance (QBE) v Australian 3-Year Bonds
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Performance update for March, stocks that drove returns & our current positioning
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Fri 19th April – ASC200 -117pts, Pilbara (PLS), Whitehaven (WHC) & Woodside (WDS)
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Market Matters Research Lead Shawn Hickman with David Koch
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Friday 19th April – DOW up 22pts, SPI down -55pts
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MM is neutral to positive SUN around $10
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