Banks were already 'trending down' before coronavirus
InvestSMART's Evan Lucas says the banking sector's share prices were already "trending down" prior to the coronavirus pandemic but are now the reason why the sector is posting positive gains. Mr Lucas said the banking royal commission was the catalyst but the "coronavirus issue" and "deferred loans" created a further "depression" on its share value. Despite this, Mr Lucas said the "Treasury's missed expectations around spending" likely resulted in incorrect numbers around deferred loans which surprised investors as bank stocks saw decent gains in recent times. Image: News Corp Australia
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InvestSMART's Evan Lucas says the banking sector's share prices were already "trending down" prior to the coronavirus pandemic but are now the reason why the sector is posting positive gains. Mr Lucas said the banking royal commission was the catalyst but the "coronavirus issue" and "deferred loans" created a further "depression" on its share value. Despite this, Mr Lucas said the "Treasury's missed expectations around spending" likely resulted in incorrect numbers around deferred loans which surprised investors as bank stocks saw decent gains in recent times. Image: News Corp Australia
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