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What’s next for the Aussie sharemarket?
A chief analyst has spoken out about the future state of Australia’s sharemarket, including its best and worst-performing sectors.
What’s next for the Aussie sharemarket?
A chief analyst has spoken out about the future state of Australia’s sharemarket, including its best and worst-performing sectors.
Dale Gillham, chief analyst at Wealth Within, said the Australian sharemarket remains strong, with the All Ordinaries Index moving higher for two consecutive weeks.
“In doing so, [it] achieved a new all-time high of 7,289 points to indicate that market is indeed bullish,” Mr Gillham said.
“Moving forward, I believe it will remain bullish for the next two to three weeks and trade up to my top end target of 7,600 points by late March or April before falling away into the next low.
“Investors would be wise to stick with good quality stocks and not speculate on the lower end of the market, as you are likely to get burnt when the market does fall.”
According to Mr Gillham, there are several sectors posting stronger results than others.
“Healthcare was back on the top of the list for best-performing sector this week, rising over 1.6 per cent so far and slightly ahead of real estate and consumer staples, which were both up over 1.2 per cent,” he said.
“Information technology was the worst performer, down nearly 5 per cent, and financials, which was last week’s top-performing sector, is slightly in the red, followed by communication services, which is slightly in the green.
“Looking at the top 100 stocks, the best performers include Cleanaway Waste Management, which has risen over 20 per cent after announcing a 14 per cent rise in net profit. AMP also performed well, rising over 12 per cent, with Domino’s Pizza not far behind, rising just over 11 per cent so far for the week.
“The worst performers include Whitehaven Coal, down around 10 per cent, followed by Tabcorp, down over 8 per cent, with Bendigo Adelaide Bank and Nine Entertainment down over 5 per cent.”
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