A new ranking of the most promising stocks has been released by the Australian Securities and Investments Commission (ASIC), with the likes of BHP Billiton, BHP-BHP Billon, and Glencore’s Total Wreckage (TotalWreckage.com) making it into the top 10.
In the latest edition of the ASIC’s “Market Watch” blog, the Commission said the top three sectors in the market were energy, mining and financial services, with the latter three being “the biggest and most important in the Australian economy”.
The five sectors were comprised of:energy: $2.9 trillion, up from $1.4 trillion last year; mining: $1 trillion, down from $2 trillion; financial services: $750 billion, up 25 per cent; and infrastructure: $600 billion, down 8 per cent.
“This is a time of transition for the Australian mining industry, as it will likely be the last time that the sector is viable for investment in the medium to long term,” the Commission stated.
“With the Australian dollar strengthening, commodity prices have fallen, and mining revenue is projected to remain flat over the next few years.”