Results for the first 26 companies to report on their performance (representing roughly 15 per cent of the ASX200’s listings) got off to a “somewhat inauspicious start”, UBS noted in a report.

“The last couple of days have delivered some good results, however, we would still describe the trend to date as mixed,” the company said.

UBS added that the results released so far suggest “a corporate backdrop of moderate earnings growth and a moderate growth outlook”, and that large-cap stocks appear to be doing better than their small-cap peers.

“Surprises, both positive and negative, seem quite stock-specific in nature at this stage. The better performance of large-cap versus small-caps is the clearest trend to emerge so far,” the company said.

“We would also note relatively subdued market reactions to incremental capital management announcements so far.”