Summary: Myer’s capital raising and in-line annual result did nothing to turn brokers’ views on the challenged retailer. Rio Tinto’s production guidance was below consensus which led to a fall in profit expectations. Most analysts remain buoyant on Westpac, while brokers suggest AGL has the potential to conduct capital management.
Key take-out: Over the last 12 months Myer has fallen from a high of $2.32 to $0.91 – and even at this low level, it is still not a buy for analysts.
Key beneficiaries: General investors. Category: Shares.