A solid session to kick off the shortened trading week ahead of the Easter long weekend, with Property & Energy stocks underpinning the strength throughout the day, with the ASX 200 closing back above 7800, once again, knocking on the door of new highs. It’s hard to argue with the prevailing strength, and while some are now highlighting overvaluation at the index level, we don’t think that’s the right call given the soft landing that’s playing out from an economic perspective. With the ASX 200 on 16.8x Est earnings that are growing ~5%, it’s certainly not cheap but equally, it’s not overly stretched when we consider that analysts have underappreciated the recovery in earnings that is underway, both here and in the US.
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Really bullish, there's more to go in the reflation rally
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