Evening Market Analysis: Bears At The Helm

25th May 2012

Aussie shares extended their losses today, despite a mostly positive lead from overseas markets following last night’s session.

A clear majority of sectors closed sharply lower, with consumer staples and materials amongst the hardest hit.

Property, telcos and utilities managed to buck the trend and record gains.

The big four banks were all weaker; Westpac the worst performer of the group, dropping 1.3%.

In the mining space, BHP declined 1.2% while Rio Tinto lost 0.8%. Both fell on the back of growing global economic uncertainty.

The ASX 200 let go of 27 points (-0.7%), to settle at 4029.

The market lost 0.4% for the week, and has lost a mind-blowing 8.3% over the last three trading weeks.

Written by: marketpulse Other posts from: marketpulse

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