Diploma of Share Trading and Investment
Course Code: 69793

Market down as Julia's stocks rise

Published in the Daily Telegraph, June 2010

The share market closed slightly down yesterday, losing momentum after resource stocks had earlier surged on news of the change of Labor leadership.

CMC Markets analyst David Taylor said he thought there was a direct link between Julia Gillard becoming Prime Minister and the rise in resources stocks.

But in contrast to heavyweight miners, finance sector stocks were down.

Wealth Within senior analyst Janine Cox said Ms Gillard's appointment added uncertainty until she made firm policy announcements.

"Until she releases her policies, it is not going to have a massive impact," she said.

"It is likely that what is going on overseas will have the most impact."

Ms Cox said negative offshore leads would continue to have the most effect on the domestic bourse.