The market has been running hot for a year or two on these higher commodity prices, but it's not all good. There are repercussions from higher commodities prices as well that investors have yet to take full account of.
Things are getting tougher in New Zealand. While the rest of the world hasn't really priced in the risks associated with higher interest rates and slower growth, New Zealand's market has started to do so.
It's not always a good thing for Australian stocks when commodities prices go up. I look at the U.S. picture first when I make decisions because the market is so huge and has a global spin-off on stocks.
At face value, Patrick shares should start higher. The question is whether the new Toll entity gets a re-rating in the market after the acquisition on synergy benefits, or whether debt levels will be a bigger concern.