\n\tBy Stephen Hogan, Senior Private Client Adviser, Equities\/Derivatives<\/p>\n
\tAustralian Market<\/strong><\/p>\n \tThe Australian market (XJO<\/span>) closed down -78.95 points or -1.56% to 4983.5 today. The market has just had its fourth consecutive losing day, which has been rather similar to yesterday's 2% drop. The market managed to rally back slightly better than yesterday however, with todays low at 4955.6, still under the 5000 level that has been heavy support in the last month. The big sell off this week has been heavily blamed on international investors taking profits out of our market back home while the dollar continues to fall. The Gold sector continued again today to be the only sector to make a profit as banks and the higher yielding shares took a dive. CommBank<\/span> ((CBA<\/span>)) closed out the week with a 7% drop and Telstra ((TLS)) finished with a 6.6% drop.<\/p>\n \n\tEcho Entertainment group ((EGP<\/span>)) has tumbled today after James Packer and Crown ((CWN<\/span>)) sold out it's 10% stake yesterday after market close. The holding was valued at $264 million.<\/p>\n \n\tAUD is currently trading at $0.9685, down -$0.0066 against the USD. In currency news HSBC has lowered its year-end estimate for the Australian currency to 90 US cents from a previous forecast of 95 US cents, UBS changed its forecast for the year-end to 95 US cents from 100 US cents. Goldman Sachs forecasts the dollar to slip to 90 US cents by May next year.<\/p>\n \tTop Performers<\/strong><\/p>\n \tSilver Lake Resources Limited ((SLR<\/span>)) up $0.09 or 13.14% to $0.775<\/p>\n \n\tKingsgate<\/span> Consolidated Limited ((KCN<\/span>)) up $0.135 or 9.47% to $1.56<\/p>\n \n\tTroy Resources Limited ((TRY)) up $0.09 or 5.31% to $1.785<\/p>\n \n\tRegis Resources Limited ((RRL<\/span>)) up $0.19 or 5.25% to $3.81<\/p>\n \n\tBeadell<\/span> Resources Limited ((BDR<\/span>)) up $0.03 or 4.92% to $0.64 \tEcho Entertainment Group Limited down -$0.405 or -11.77% to $3.035<\/p>\n \n\tIINET<\/span> Limited ((IIN<\/span>)) down -$0.61 or -10.00% to $5.49<\/p>\n \n\tFleetwood Corporation Limited ((FWD)) down -$0.46 or -9.48% to $4.39<\/p>\n \n\tHorizon Oil Limited ((HZN<\/span>)) down -$0.03 or -6.82% to $0.41<\/p>\n \n\tDiscovery Metals Limited ((DML<\/span>)) down -$0.015 or -6.52% to $0.215<\/p>\n \tOur Comments<\/strong><\/p>\n \n\tWell what looked like a day that might see some of yesterday's losses returned ended up apart just as bad.<\/p>\n \n\tI think this is a buying opportunity but looks like we may have a little bit more downside first. Having some cash here will be great to buy back into these banks.<\/p>\n \n\t(For a more comprehensive summary of last night’s market action see FNArena’s<\/span><\/a> Overnight Report.) \n\tRe-published with permission. Views expressed are not by association FNArena's<\/span> (see our disclaimer).<\/em><\/p>\n
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\n\tBottom Performers<\/strong><\/p>\n
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