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Article: Fall-off highlights reliance on big names.
- Article from:
- Australasian Business Intelligence
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Philip Baker
Nov 02, 2009 (The Australian Financial Review - ABIX via COMTEX) -- Australia's S&P/ASX 200 has gained 22 per cent so far in 2009, despite a pullback in late October. However, the "big four" banks and diversified miners Rio Tinto and BHP Billiton have been the major drivers of the market rally, accounting for over 60 per cent of the gains in the year to date. The price-earnings ratios of the banking and materials sectors are now trading well above the long-term average.
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