Rudi Filapek-Vandyck has been a journalist for nearly three decades, of which nearly two decades has been in finance. After successfully establishing a leading financial news service in Europe, Rudi moved to Australia where he founded FNArena, an online service dedicated to providing independent and unbiased market analysis. He has also develope...View more >
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After a run of bad luck, or poor planning depending on your opinion, mining stocks are back in the good books of some brokers.
In a busy week, brokers were paying a lot of attention to companies that would, and wouldn’t, benefit from a falling Aussie dollar.
Banks and financial sector companies were the darlings this week, as share price falls made them more attractive on a value basis.
Upgrades outpaced downgrades this week – among the movements, BHP Billiton and Cochlear were both upgraded while Leighton and Newcrest were downgraded.
After some disappointing weeks, upgrades and downgrades were in balance this week. Downgrades to Wesfarmers and Woolworths were the stand out calls – Flight Centre was upgraded to an outperform.
As the outlook for the mining and resources sector continues to soften, brokers are moving to adjust forecasts, which is contributing to the ongoing rounds of downgrades in this sector.