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Maria Landeborn notes that November was a strong month in the stock market in the context of positive news about vaccines, which among other things led to large price movements in industries that have been particularly affected by the pandemic, such as aviation, hotels and energy. The strategist notes, however, that the travel industry is likely to get tough for a while longer, as it will likely be well into 2021 before travel spikes significantly.
In these times of waiting for vaccination, Danske Bank advocates a combination of stocks that have structural growth behind them, with more macro-sensitive cyclical sectors.
“We have continued to have a slight dominance in equities and we believe the best strategy is to have exposure to both structural growth in the form of fast-growing IT companies and cyclical exposure to banking and industry. Here and now, the digital transition continues at an accelerated pace due to severe restrictions for several months, but thanks to the vaccine, the pendulum will gradually start to swing towards more cyclical parts of the market, ”writes Maria Landeborn.
