Bright spots amid the gloom

The February reporting season was disappointing, but there are pockets of strength in this market if you know where to look.

PORTFOLIO POINT: The February reporting season was disappointing, but while profit margins won't improve any time soon, there are pockets of strength – particularly outside the blue chips.

At least one market observer, BoA-Merrill Lynch strategist Tim Rock, has labelled the February reporting season in Australia "the worst in years", and there is a lot of evidence to support such a dire assessment.

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