What Worked Australia - 16 Dec 2016 - Profit taking into the end of the year

What Worked – Certainly not momentum this week. While last week saw a string selloff in momentum, in particular 12 month momentum, as profit taking into the end of the calendar year continues. While there was a slight uptick in the laggard names for the year, the real movements were in names that were up for the year. The metals and mining sector took a lot of the punches this week, with names like Resolute Mining (RSG, -13.3%), South32 Ltd (S32, +6.5%) and Orocobre (ORE, -9.8%) amongst the worst affected. It was not limited to that sector, and a2 Milk (A2M, -14.1%), Infinigen Energy (IFN, -3.5%) and Seven Group Holdings (SVW, -4.9%) also down this week.

Dividend Yield posted good results this week, largely on the back of the momentum sell-off.  Cromwell Property Group (CMW, +2.1%), Seven West Media (SWM, +6.1%) and Growthpoint Properties (GOZ, +3.2%) all posting positive returns for the week yet remaining amongst the highest yielding names in the index.

Who Moved – 24 names managed to move on higher than normal volumes this week, finishing up the year on a positive note volume wise. Seven West Media (SWM, +6.1%), Asaleo Care Limited (AHY, +4.5%) and AusNet Services (AST, +3.8%) all finishing the week higher on strong volume, while SKY Network Television (SKT, -15.3%), Santos Limited (STO, -8.4%) and Iron Mountain (INM, -7.9%) all finished the week lower

Summary

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