AXA's Hooper anticipating rough ride for UK market

Hooper retains a cautious stance, and is currently underweight in mining stocks, pharmaceuticals and banks. However, he will reassess the later once several rights issues have been completed - he pointed out that these rights issues were only happening because of the credit crunch, not because of bad debts. Having been cautious since Q3 of last year, Hooper's view changed following interest rates cuts. He now has a consensus view claiming that "whilst you can make money from being contrarian, there is no point in being contrarian for contrarian's sake." His change in opinion made him mo...