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FY21 Reporting Season Wrap

FY21 reporting season has come to a close with the market edging higher over the period. Several key themes emerged which we have addressed below, and more than usual in a covid backdrop the focus was less on past results and more on outlook statements and how the operating environment is being impacted by further lockdowns. Materials were the worst performing sector over August, however this was more to do with the sharp fall in the iron ore price as opposed to their outstanding financial results and record payments to shareholders. Conversely, Financials were the biggest contributor to returns as unwinding provisions led to large buy backs and overshadowed more benign loan growth.

Key reporting season take outs are as follows:

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