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New year, same downward direction

THE first day of the new financial year saw the market slump to its lowest point since March, continuing the recent downward trend. And while Rio Tinto made gains after locking in iron ore price hikes of up to 96.5% for its Asian customers, other resource plays were showing distinct signs of new (financial) year’s day hangovers.

Charlotte Dudley

The All Ordinaries lost ground today, down 71.8 points to 5261.1, while the ASX-S&P 200 matched the trend, sliding 76.4 points to 5138.9. Bucking the day’s downward direction, mega-miner Rio Tinto ended...

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