Australian stocks hitting records
The ASX 200 ignored a weak Wall Street lead to close above 6200 for the first time in seven months. News this morning from RBA governor, Philip Lowe, has the markets pricing in a cut to the official cash rate from an already record low of 0.25% to 0.1%, coming in November.
The prospect of a November rate cut has helped propel several stocks to new records on Thursday:
Concrete fibre firm James Hardie
Online custom goods marketplace Redbubble
Fund manager Netwealth
Four-wheel drive accessory firm ARB Corp
Solomon Lew's Premier Investments
While dozens more are within 52 week highs. With the bear market coming and going faster than ever in history, economists and analysts are increasingly divided on what the future holds for stocks markets. Although many now appear to be looking to under the radar value opportunities, as an alternative to the high flying flavours of the month.