The busiest week in the August reporting season generated an unusually high number of ratings upgrades and downgrades for individual ASX-listed stocks. The week ending Friday, 23 August 2019 generated no less than 30 upgrades and 25 downgrades. Clearly, there is a lot that needs to be rectified this month as corporate results mingle with risk off, risk on swings in sentiment.
Overall, the market is trending towards an overload in ratings in the Neutral/Hold basket with total recommendations for the seven stockbrokers covered now sliced into 44.97% in Neutral/Holds and Buy ratings only representing 37.74%, with Sells accounting for the remaining 17.29%.
No surprise thus, 17 of the week's 30 upgrades didn't move beyond Neutral/Hold. On the flipside, 13 of the 28 downgrades equally ended in the middle of the ratings spectrum.