A major rotation in Australia’s sharemarket is expected this financial year as investors finally cash in on the dazzling rally in bank stocks led by Commonwealth Bank to chase a long-awaited resurgence in the beaten-down mining sector.
Bank stocks soared 26 per cent in the 12 months through June, fuelled by an astonishing 45 per cent rally in CBA as superannuation giants, passive funds and offshore managers piled into Australia’s largest lender.
