Clearly the news of the day (and weekend) was focused on Qantas – for the record it closed up 4.3% and well off its highs, making all the gains in morning trade. The broader market had a choppy session and faded badly on the close for the XJO to post a 0.7% decline, closing 28.7 points lower. Weighing on the market most were the Metals/Mining, Gold and Materials sectors – all down 1.5% or more. It was good month for the XJO however, showing a 7.2% gain at month’s end – breaking a six month streak of negative numbers and reportedly the biggest one month gain for about two years. Volatility is still present at reasonably high levels as it slowly tries to decline from the levels of early August. Overseas, major US indices had a very erratic session on Friday night to close flat, and the futures in night trading are down around 1% at the time of writing.

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