By Stephen Hogan, Senior Private Client Adviser, Equities/Derivatives
The Australian market (ASX 200) closed down -28.9 points or -0.55% to 5180.1 today. The move lower appears to be lead by another basket of downgrades to mining services companies. We had a sharp move down in the morning going as low as 5160.6 before moving to a range slightly higher for the afternoon. Overnight the Dow Jones closed lower, falling -19.12 points or 0.12% with traders looking reluctant before the Federal Reserve Chairman Ben Bernanke speaks on Wednesday. While the majority of sectors finished mixed, the Gold sector rose 6.12% for the day.