Last week saw the Australian market trying hard to defend technical support for the index and not get too caught up in trade-related Wall Street madness. Ratings changes by stock analysts over the week look fairly even at 14 upgrades to 10 downgrades, but we should note that of the 14 upgrades, 12 went to Buy (or equivalent) while of the 10 downgrades, only 2 went to Sell. So clearly there is a positive bias.
Miners featured heavily on both sides of the ledger last week, reflecting a seasonal move by brokers to reassess their commodity price forecasts before heading off for a break.
Fortescue Metals topped the earnings forecast list with a 10.2% increase, as the iron ore miner continues to introduce higher grade ore into its mix. WiseTech Global gained 8% on increased revenue expectations.