A fourth straight losing morning is pointing the share market towards its first weekly decline in three weeks after the resource sector plumbed a new six-year low.
At lunchtime the ASX 200 was 18 points or 0.35% lower at 5213 and threatening its weakest close in eight weeks. The index has fallen almost 190 points since Monday's intraday peak at 5404. A revival in energy stocks +1.4% and gains in defensive sectors, including property trusts +0.6% and telecoms +0.4%, was overshadowed by declines of 1.8% in metals & mining and 0.5% in financials. The fall in metals & mining pushed the sector to its lowest level since November 2008.
Oil this morning extended its overnight decline below US$60 a barrel. West Texas Intermediate crude for January delivery was lately down another 82 cents at US$59.13 after earlier falling as low as US$58.80.
Asian markets took their cues from a positive night on Wall Street. China's Shanghai Composite advanced 0.71%, Hong Kong's Hang Seng 0.36% and Japan's Nikkei 1.25%. Dow futures were recently off 16 points or 0.1%.
Spot gold was $1.20 softer at US$1,224.40 an ounce. The dollar was buying 82.53 US cents.
Gloomy old week. Last week promised so much, this week delivered so little. The Small Ords hit a 17-month low yesterday, which partly explains why there is so little happening among the specs. At the bigger end, the XJO is set to end the year with a loss unless the Santa Rally kicks in next week. Trading: frustrating end to a good week. Couldn't get an entire order filled yesterday and couldn't catch a cold today. Heck, I couldn't even get a fill in LYC at 4c. That's like getting knocked back by the ugliest girl/boy at the school dance (assuming you were drunk enough to proposition them both).
