ARTICLE · 13 APRIL 2012

Australian Equities - Market Outlook - As at 31 March 2012

Moore Australia

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The March quarter was dominated by a relatively lacklustre reporting season.

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Australian Equities

Overview
Over the quarter ending 31 March 2012 the ASX 200 Accumulation index rose by 8.40%.

The March quarter was dominated by a relatively lacklustre reporting season. Many companies had announced downgrades in the preceding six month period so while earnings were generally in line with expectations, expectations had already been lowered. Lower commodity prices resulted in a 7% fall in profits for the resources sector. Despite benign credit growth banks still managed to lift earnings by around 7%, mainly due to lower bad debts. Outlook statements remained cautious prompting a reduction in FY12 earnings estimates. Despite this, analyst earnings growth estimates for the ASX 200 in FY13 remain high at around 14% (versus FY12 estimates of around 1-2%), of which growth in industrials is expected to be around 10% (versus about 5% for FY12).

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