Australian financial stocks are ruling the roost on the traditionally miners-led local main index, fueled by growing interest from equity funds that are wary of the commodity-backed sector due to poor Chinese demand.
The financial sub-index (.AXFJ), opens new tab, composed chiefly of the biggest lenders in the region, has risen more than 15% this year. In contrast, the local metals and mining index (.AXMM), opens new tab has declined more than 18% and conceded its top weighting on the ASX 200 index (.AXJO), opens new tab to banks at the end of the second quarter.
Source: REUTER
