Market Wrap 24-03-2016

By Jason Fittler

It has been a busy week with clear indication that an election will be in July which will cover both houses has seen the market pull back this week with continuing uncertainty around our economy. Couple with the attack in Brussels this week and once again the economic and political uncertainty will take its toll on the market as companies and investors sit on the side lines.

We saw the market pull back as we headed into the Easter long weekend however this pull back was limited to the Materials sector down 2.5% and the Financial Sector down 2.4%. All other sectors performed well on average up around 0.5% for the day.

As you can see in attached chart the market is struggling to break through the 5200 barrier where we have seen support above this level previously.

For investors you should continue to sit tight, as the next few months will be bumpy, as we go through an election and a budget in May. At present there are no major companies we are worried about but we are focused on Budget changes to Taxation of Superannuation and changes to the medical sectors regards Medicare.

Happy Easter