Just when you thought property was dead, listed property
trusts or real estate investments trusts (REITs), as they are now
known, had a big week to shake up the final standings. Despite the
16per cent jump by the property sector, it was not enough to incite
a Greg Norman-esque last round from David Potts.
Alas, Mr Potts's property-less portfolio pulled to victory and
even moved into positive territory with double-digit returns from
retail and bank stocks. That's right, retail and banks. Who would
have thought that? Just Group (JST) vaulted up 15 per cent in
reaction to Solomon Lew's raising his bid for the clothing retailer
by 15 cents a share.
At Thursday's close, before Friday's plunge, NAB was up 12 per
cent and Macquarie Group (MQG) belied data that it was the most
short-sold stock on the ASX by going up 11 per cent.
Just under the break-even point was student Andrew Bartolotta,
who also found favour from sticking with banks - ANZ (ANZ) and St
George (SGB) both delivering a trading profit.
A sobering statistic from the past four weeks was that nine of
the 10 worst performers were mining stocks, including Fortescue
Metals (FMG), down 30 per cent, Woodside Petroleum (WPL) down 20
per cent and Santos (STO) down 19 per cent. ASX 200 Energy and
Materials sectors were both down by about 15 per cent over the past
month.