The Australian share market continues to suffer from falling earnings forecasts and out-of-season corporate results releases from banks, agricultural producers and chemical companies, thus far, have simply continued to contribute to the negative underlying trend.
With macro matters and US equities supporting risk assets at elevated levels, it should not surprise stockbroking analysts are issuing more than twice as many downgrades in recommendations for individual ASX-listed stocks than they are issuing fresh upgrades. No surprise also most downgrades are hitting companies reporting out-of-season corporate results, a profit warning, or both.
For the week ending Friday 10 May 2019, FNArena registered 9 downgrades and 20 upgrades for ASX-listed stocks by the eight stockbrokers monitored daily. Reductions in earnings estimates far outweigh increases.