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The equity research firm said stocks had retained their value amid market volatility, high inflation and interest rates but further downside risk remained.
The benchmark S&P/ASX 200 finished the 2023 financial year up 9.7 per cent, which added $276 billion in market value to a record $2.4 trillion.
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Morningstar says the full impact of tighter monetary conditions is yet to be felt.
Market watchers have identified a crop of companies they believe could be worth more than they currently trade at.
Market watchers have identified a crop of companies they believe could be worth more than they currently trade at.