Below is a quote from the Age Newspaper.
This is something we have known for some time and is the reason why we are not bullish on the market. For the market to continue to rally, wide-spread support is needed.
"90% of market rally over past 12-months driven by just 10 stocks" - The Age
A report by Glenda Kwek in "The Age" today says while the S&P/ASX200 has risen by 14.9% or 643.85 points since April 10 2012 on the back of a global Search for yield that has attracted local and international investors to the Australian market, 90% of that rally has been driven by just ten stocks, led by the CBA, which has lifted by $1.23 to $67.30 over the past year.
The other nine include BHP, WBC, ANZ, RIO, WOW, QBE, WPL, CSL and MQG.