So the facts:

• Excl. banks down -7% (ex PICNI its -23%)
• Brokers are suffering – no surprise 1H13 was a rockstar period
• Telco’s and electronic exporters look ok still
• Insurance co’s are minting $, will the rest of the sector follow SCSMG?
• Domestic consumption look so-so, HMPRO is ok, but BIGC is urgh