Taking Stock 

Defensives remain on the defensive in 2018

Mark Robinson

Defensives remain on the defensive in 2018

We’re approaching the high water mark for the reporting season covering the December 2017 year-end figures. And while not everyone has impressed – BAE (BA.) guiding for flat earnings through 2018 and slower-than-expected revenue growth at moneysupermarket.com (MONY) – corporate returns for 2017 have been encouraging in the main. More importantly, the earnings outlook for this year remains favourable, despite the anxieties generated by last month’s sell-off. Indeed, the recently released Charles Stanley (Q417) Earnings Tracker concludes that “momentum remains positive as full-year earnings estimates are being revised up and this further supports the positive outlook for equities”.

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