MARKETS SPECTATOR: Sky high Citi

Citigroup is optimistic about a market recovery, the group maintaining its year-end target of 5400 for the S&P/ASX200 Index.

Don’t be gloomy about the stock market’s prospects, says Citigroup. Australian strategist Tony Brennan has been reiterating for weeks now that the S&P/ASX200 Index will recover after its 8.9 per cent fall from a 52-week high of 5220.987 reached on May 14. At 1025 AEST the index was down 42.357, or 0.9 per cent, to 4749.40.

“The market seems on track for moderate earnings growth in the financial year 2014, supported by lower interest rates, widespread cost-cutting and, most recently, the falling Australian dollar,” writes Tony Brennan.

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