Finance sector delivers
AFTER what was touted as a day of reckoning for the financial services industry, especially the banking sector, with the release of the final report by the royal commission, the financial sector defied expectations and rose nearly 7 per cent this week.
The banks traded up the day before we really knew what was in the final report, and then the shares surged again on Tuesday, up around 4.5 per cent on opening.
I have been saying for quite a while that the worst had already been factored in to the share price of the banks, which was confirmed when the report was released.
We need to see the dust settle before making a decision to buy bank shares, as it could just be a false rally before they fall away again.
Given this, I believe it will not be too long before the banks are back on top, delivering good shareholder returns.
Of the top 10 best gains in the top 50 stocks this week, six have come from the financial services sector.
I believe the market will remain bullish this year, and challenge, if not break above the all-time high of 6873 from 2007. That said, short term it is now overdue for a pullback, as it has been six weeks since the last low on 20 December.
Therefore, I expect the market to fall any time now to between 5800 and 6000 points over one to two weeks. After that, we will get some really nice buying opportunities and we will know more about what the banks will do. Dale Gillham is chief analyst at Wealth Within APPLE has released an iPhone update to fix a software flaw that allowed people to eavesdrop on others while using FaceTime.
The bug enabled an iPhone to be turned into a live microphone while using group FaceTime.
Callers were able to activate another person’s microphone remotely even before the person had accepted or rejected the call.
Apple turned off the group-chat feature after a teenager in Tucson, Arizona, discovered the flaw.
Grant Thompson, 14, and mum Michele tried to contact Apple about the problem for more than a week.
Apple has since promised to improve procedures.
The FaceTime repair is included in the latest version of Apple’s iOS 12 system.
Although the bug has been addressed, its emergence is embarrassing for Apple, exposing customers to potential surveillance while CEO Tim Cook has been repeatedly declaring personal privacy is a “fundamental human right”.
Apple credited Grant for discovering the FaceTime bug as part of its software update and will reward him, as often occurs when people flag software flaws.
Apple plans to contribute to his college fund in addition to paying a bounty to him and his family for reporting the bug, but it is not disclosing how much.