What Worked Australia - 22 Apr 2016 - Long term momentum continues to revert, growth weak

What Worked – Long term momentum continues its downward slide this week, with the year’s leaders coming off further, and the laggards picking up. This is in large part to a substantial pick-up in the smaller names in the index. Smaller, under-performing names doing well this week included Liquefied Natural Gas (LNG, +17.2%), Sundance Energy (SEA, +15.3%) and Bradken Limited (BKN, +29.6%). On the other end of the scale, CIMIC Group (CIM, -2.6%), Macquarie Atlas Roads (MQA, -1.5%) and Sirtex Medical (SRX, -2.7%) all larger names that pared off some of the previous year’s gains this week.

Growth names have also continued to suffer this week, with high growth names like TPG Telecom (TPM, -4.5%) and Steadfast Group (SDF, -0.4%) coming off, while lower growth names like BHP Billiton (BHP, +5.8%), Oil Search (OSH, +6.8%) and Fortescue Metals (FMG, +11.5%) all returned positive results for the week.

Who Moved – Volumes still a little underwhelming this week with only 9 names from the index moving higher than normal volumes. Liquefied Natural Gas (LNG, +17.2%), Western Areas Limited (WSA, +13.7%) and Recall Holdings (REC, +3.5%) all moving on strong volume, while Qantas Airways (QAN, -16.7%) and Macquarie Atlas Roads (MQA, -1.5%) both down on significantly higher than normal volumes.

Summary

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