The technical run up over the last week was in expectation of the (Fundamental) annual result being good.
Today's price action was driven by the market being unconvinced about the quality of the result, and probably some unhappiness that no forecast was issued for the year ahead.
They did well with domestic wholesale, but the rest of the result was pretty ho hum.
Their aspirations to be a regional player are not looking as strong - with Global wholesale and Direct business lines facing falling revenues (see slide 27, in appendix).
Interested to hear other opinions on underlying reasons for today's action.
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