15 January 2018
After a tepid first half of 2017, the Australian Small Ordinaries index (XSO) rose strongly over the second half of the calendar year, to be up over 18% (at the end of December). While the headline gain is impressive, the reality is that this rally has been fairly narrowly based with a small number of stocks recording strong gains. This rally has been driven by a frantic search for earnings growth given what continues to be a low growth domestic economy.
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