The bull market has been going for more than two years, but when the profit reporting season kicks off this week, fund managers need to be convinced that earnings can back up valuations.
Australia’s top fund managers are hoping profit reporting season will justify rising stock valuations that have propelled the ASX to six-year highs.
While earnings-per-share growth has averaged around 7.6 per cent per annum over the past decade, the past four financial years have seen growth average minus 2 per cent.
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Philip Baker writes on markets specialising in bonds, equity markets and currencies. Based in our Sydney newsroom, Phil is a markets columnist. Connect with Philip on Twitter. Email Philip at pbaker@fairfaxmedia.com.au
