Banks back at value

The market rout has put bank stocks back in the frame ... it’s time to top up.

After a very strong run from mid 2012, global equity markets peaked in May and have corrected over the last month. The old adage of “sell in May and go away” came true yet again. The following table shows market returns since the peak in May 2013 to their recent low, on June 13, in the case of Australia.

ASX 200

-11.3%

S&P 500

-5.3%

FTSE

-9.7%

Germany

-6.9%

China

-8.9%

We cannot be certain, of course, that the recent low was the ultimate low for this correction, but for a number of reasons I believe that we have seen the worst of the correction.

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