I think a lot of companies have discovered the brutal reality that liquidity is suddenly non-existent.
I'm seeing most of my mid-cap stocks getting pummelled in the last few weeks. Retail SHs, banks and Instos are scared. Even profitable companies are as tight as fishes bums, when it comes to Capex and dividends now. Just got to look at the buyer/seller ratios (everywhere) to see that a lot of people are trying to cash out!
Banks are starting to offer almost 5% interest on savings accounts and while this probably isn't compensating for inflation, it's still better than the dividend payouts in the vast majority of even blue chip stocks, plus there are some deposit guarantees.
Everything is looking grim on the ASX.
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I think a lot of companies have discovered the brutal reality...
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