Black days deliver more red as the market gets on-the-nose

UGH. The market was uglier than a hatful of armpits this past week. And none of our racers came out smelling of roses. The benchmark top 200 index fell 1.6 per cent over the five racing days as the miners and the banks headed south. Greece is going to the polls this weekend and it looks odds-on the electorate will vote in a government that won't want to play along with the European Union's fiscal version of The Biggest Loser.

By InvestSMART · 17 Jun 2012

By InvestSMART ·
17 Jun 2012

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And nothing alarms the market more than people exercising their democratic rights in the face of all that is rational and holy.

Our racers sure had a tough time of it. Only a couple of competitors - old hands Richard Pritchard and astrologer Doreen Daze - managed to beat the market, but nobody made any money.

And as we round the corner and head into the final stretch, reader Cameron Haynes has poked his nose in front of Pottsy. Cameron's pick of Sirtex Medical was one of the few stocks to make some dough this week, and that was enough to propel him into top spot.

Student Ruby Rowe stalls after racing to third spot last week. Gold Road Resources gave up a chunk of its recent gains, although Seven West Media bounced back a little. When one of the top three is under water you know it's been tough. Director Lehman Bloom continued his not-so-merry slide down the ladder, moving from fourth to seventh. Lynas Corp, Voyager Resources and Oil Basins all recorded double-digit plunges.

Reporter Sam "the Hutch" Hutchinson lost a chunk of money, but, as we've seen, she was far from the Lone Ranger there. Besides, haven't you heard? This winter, red is the new black.

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Frequently Asked Questions about this Article…

What happened to the market last week and how did the ASX top 200 perform?

The market had a rough week — the benchmark top 200 index fell about 1.6% over the five trading days, with miners and banks heading south and broad weakness across the board.

Which stocks were among the few winners during the market downturn?

Sirtex Medical was one of the few stocks to make some gains during the week. Overall, only a couple of our competitors (Richard Pritchard and Doreen Daze) managed to beat the market, though few participants actually made money.

Which ASX-listed companies experienced the biggest losses in the article?

The article highlights double-digit plunges at Lynas Corp, Voyager Resources and Oil Basins. It also notes that Gold Road Resources gave up a chunk of recent gains.

How did media and junior resource stocks like Seven West Media and Gold Road Resources perform?

Seven West Media bounced back a little after recent weakness, while Gold Road Resources surrendered a portion of its recent gains during the down week.

Did any individual investor picks stand out in the weekly roundup?

Yes — reader Cameron Haynes moved ahead after his pick, Sirtex Medical, delivered some positive returns. Student Ruby Rowe slipped after previously rising to third spot, and other named competitors saw mixed results.

What does the article say about market volatility and investor returns?

The article paints a picture of a volatile, tough week where most competitors didn’t make money. Several participants lost ground and only a small number beat the market, underscoring recent market choppiness.

How are global events, like the Greek election, described as affecting market sentiment?

The article notes that Greece going to the polls is worrying markets; it suggests elections and political uncertainty alarm investors and can contribute to downward pressure on markets.

Who were some named participants in the article’s competition and how did they fare?

Named participants include Richard Pritchard and Doreen Daze (who beat the market), reader Cameron Haynes (who surged to the lead with Sirtex Medical), Pottsy, Ruby Rowe (who stalled), Director Lehman Bloom (who slid), and reporter Sam 'the Hutch' Hutchinson (who lost a chunk of money).