Securities analysts in Australia have started the new calendar year with a frenzy in downgrades and upgrades and the week past delivered more of the same with no less than 40 upgrades and downgrades made to Australian listed stocks.
Much of the change came as a result of broad based sector reviews, with commodity prices and FX related marking to market exercises changing the tone of many valuation pictures. Stockbrokers otherwise got down to the more mundane task of getting back to business.
As has been the case in the early stages of January, downgrades continue to significantly outnumber upgrades. The week past saw 26 down versus only 14 up. Neutral ratings remain the largest group with a 43.81% share of total ratings.