So the facts:

  • Excl. banks down -7% (ex PICNI its -23%)
  • Brokers are suffering – no surprise 1H13 was a rockstar period
  • Telco’s and electronic exporters look ok still
  • Insurance co’s are minting $, will the rest of the sector follow SCSMG?
  • Domestic consumption look so-so, HMPRO is ok, but BIGC is urgh

140503 1q14

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