It has been 12 months since the auction clearance data started dramatically improving. Capital cities around the nation are now picking up.
This week, actions were still thin on the ground, with a restructure announcement for Nufarm driving two upgrades and David Jones getting both an upgrade and a downgrade, following its half-year resul..
After a long weekend down south, the wind is back in the market with national auctions exceeding 2,000, and Sydney’s clearance rate beating 80% for the third time this year.
M&A talk drove activity this week. BA-Merrill Lynch now sees better value in Westfield Group than Westfield Retail Trust and Leightons got at least one downgrade following the Hochtief bid.
There was a little bit of action from brokers following earnings season, with Beach Energy upgraded and Woolworths downgraded. James Hardie got both.
Big guns QBE, Lend Lease and Ramsay Health Care all got upgrades this week, as a result of their earnings updates.