Daily FNArena News - Australia

Despite an above market average dividend yield and a steady performance, Sydney based broker Moelis Australia has cut BWP Trust to Sell.

In Morgan Stanley’s view AMP represents value at current levels even allowing for bearish assumptions, but UBS argues a more cautious view is justified.

Both BA Merrill Lynch and JP Morgan have adjusted their models for the energy sector and lined up their sector preferences.

While a model developed by Morgan Stanley suggests there will be further falls in Australian housing prices, Moelis argues the market is now near the bottom.

The Reserve Bank of Australia has at its June meeting today lowered the official cash rate by 25bp to 3.50%

Citi this week initiated coverage on Ausdrill with a Buy rating, meaning seven of eight brokers in the FNArena database now cover the mining services company.

Stockbrokers suggest Wesfarmers shares are fairly valued, despite more upside potential from Coles turnaround.

A-REITs continue their outperformance vis-a-vis the broader market. Analysis shows A-REITsa generally do well when bond yields are falling. Stockbrokers have updated sector preferences.

Seek has lifted its investments in two online portals in Latin America and the move is seen as a mild positive given it expands operations in growth markets.

An investor day update by Suncorp indicated costs would be cut further and highlighted an improved underlying margin outlook, enough for brokers to continue to see value at current levels.