Australian earnings are set to grow 15% this fiscal year after more than half of Australian companies have recorded better than expected earnings as of the end of February.
AMP head of investment strategy Shane Oliver has said banks and resources have been the driving force behind the strong results and has predicted the resources sector to see particularly strong results in the coming months.
“Key themes have been a massive turnaround for the resources stocks (notably Rio and BHP), leaving the sector on track for circa 40 per cent earnings growth this financial year.
“The bottom line is that Australian earnings look to be on track for growth of around 15 per cent this financial year,” Dr Oliver said.
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