Down sharply on the open, our market drifted with a downward bias for the rest of the day to close near its lows and give up most of yesterday’s gains. The XJO ended the session down 1.2%, outdone by the Small Ordinaries which lost 2%, giving up everything from yesterday. Yet another retailer has been dealt with by the market. KMD lost 25.5% of its value today after stating that their December sales were expected to be below last year. It had started to slide earlier in the week with others in the sector and now finds itself down 32% for the week. It is hard to see the market going far into year’s end, consolidation and drift the likely direction.

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