February ASX 200 Rally Led By Banks, Materials Stocks, BofA Securities Says

MT Newswires Live11:04

The over 3.7% ASX 200 rally in February was led by banks and the materials sector, but its breadth was narrow, with only 29% of stocks outperforming as three stocks dominated index performance, BofA Securities said in a Friday report.

Meanwhile, the health care sector fell past 13%.

Investors globally have bought over AU$9 billion of Australia shares in the last 12 months, with long-only funds buying the most shares, by value, in BHP Group (ASX:BHP), Sigma Healthcare (ASX:SIG), and Northern Star Resources (ASX:NST).

In contrast, these funds sold Rio Tinto (ASX:RIO), Fisher & Paykel Health (ASX:FPH), and Aristocrat Leisure (ASX:ALL).

In Australia, Triple Momentum is now strongest for the materials, banks, and real estate sectors, it added.

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