US markets proved a solid lead overnight with the S&P 500 and Nasdaq up 1.1 and 1.5% respectively. Opening gains were the result but these were short lived as our market once again ignored strength in the US market and gave up initial higher prices. Much of the remainder of the session was spent heading down or sideways to close modestly higher, but all in all, a very soft session. The Small Ordinaries once again outperformed the XJO, posting a 0.9% gain, whilst the Materials and Metals/Mining sectors were the only ones to close in the red. The daily and weekly trends are flat and momentum down.

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