Evening Market Analysis: Tough Day for the Aussie

Evening Market Analysis: Tough Day for the Aussie|Evening ASX NewsThe Australian sharemarket ended sharply lower today, despite a collective rally on European and US markets overnight.

Most sectors finished in the red today. Consumer staples managed to buck the trend due to the defensive status of supermarket giant Woolworths (+1.1%).

The big four weighed on the market; Westpac was the worst performer of the four, dropping 1.2%.

All of the banking majors have now announced they will be increasing their variable rate, with NAB (-1%) the last to announce.

The major miners were hurt by mostly weaker metals prices. BHP declined 1.3%, while rival Rio Tinto lost 1.6%.

Uranium miner Paladin Energy sank 5.6% after reporting a first-half loss of US$120.2 million, which compared to US$21.1 million loss a year earlier.

The ASX 200 slumped 42 points (-1%), to close at 4243.

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