Yes, the market is realising that Australia is not as bad as all the pessimists within it. The grocers such as WES, WOW and MTS are probably at their bottoms while banks are doing much better than their results currently make out.
CBA went up 2day although its result was a real clanger, with iron ore tanking in the PRC and clangers like CBAs, I wonder whether the market understands what is happening and is merely overreacting and underreacting to news equally applied between WES and WOW, CBA and NAB.
CBA had a poor result, probably poorest on record at this time of year and CBA goes up. Following the WES example, what? Did the market expect worse?
Perhaps WES can do no wrong and WOW is just all wrong, for WES, I think it is time to get all the bad news out, take a hit on Homebase and try to maintain market share in Coles.
WOW is the pick of the sector at its current SP, PE and div compared with WES which is probably a bit toppy in comparison IMHO but pls DYOR.
WES Price at posting:
$43.16 Sentiment: Buy Disclosure: Held
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