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Big banks and miners pull ASX200 into the red

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Strong earnings results from reporting companies failed to stop the freely falling market, with the big miners and the bigger banks pulling the index into the red.

The benchmark S&P/ASX200 shed 0.3 per cent to 5724.2 on Monday, its sixth session in the red of the last seven, despite strong leads from the S&P500 and Dow Jones, the latter of which continued its 11 day of record closes on Friday. The broader All Ordinaries Index fell 0.2 per cent to 5773.8.

The market welcomed updates from the likes of QBE and Aristocrat Leisure, said Citi director in equities Jaren Jorritsma. The insurance giant rose 2.4 per cent on news of a share buyback, while gaming company Aristocrat’s shares added 5.1 per cent after it increased its profit guidance. Lendlease was another standout performer, its stocks up 3.6 per cent after it grew profits 12 per cent.

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Paul

The author Paul