Australian Investment Blog

As expected, the ASX200 followed the lead from the US, closing 69 points at 5313. We remain short term bearish overall, with “choppy” trading before the next leg lower.

Both the financials and resources sector contributed much of the weakness, with Commonwealth Bank of Australia (CBA) closing $1.39 lower at $75.26 and Rio Tinto (RIO) down $1.39 at $60.11.

The gold sector traded higher, with Newcrest Mining (NCM) closing 22c higher at $10.54 and Intrepid Mines (IAU) up $0.005 at $0.0285.

Best Sector – UtilitiesWorst Sector – Information technology

WinnersMedusa Mining (MML) +$0.075 to $0.89Northern Star (SNT) +$0.06 to $1.34Cover-More Group (CVO) +$0.08 to $2.23