Marcus Bogdan of Blackmore Capital says the backend of FY21 reporting season is evidence of the impact lockdowns have had on the economy. He sees moderate earnings growth ahead for FY22 as the Delta variant remains in focus, along with China's slow growth impacting commodity prices.
Marcus is still leaning towards defensive stocks - a very positive view on Ramsay Healthcare over the medium term as activity levels in UK private hospitals ramp up. He also sees opportunity in the consumer staples sector.