Chinese dragon burns punters as Beijing feeds it diet pills
MISERY loves company and there was plenty for the gloomy this past racing week. Investors were whacked in the face with a cold fish - a slide that left the benchmark S&P/ASX 200 index another 3.2 per cent lower. Resource stocks continued to be the biggest losers due to worries that local authorities were feeding diet pills to the increasingly corpulent Chinese dragon.
MISERY loves company and there was plenty for the gloomy this past racing week. Investors were whacked in the face with a cold fish - a slide that left the benchmark S&P/ASX 200 index another 3.2 per cent lower. Resource stocks continued to be the biggest losers due to worries that local authorities were feeding diet pills to the increasingly corpulent Chinese dragon.Our racers didn't do too badly, relatively speaking. Most beat the market, and Pottsy and Paulina did so handsomely, charging into silver and bronze medal contention. Otto Energy continued its upward march for Paulina, while her pick of fertiliser and explosives concern Incitec Pivot also paid dividends.AFR Investor's Penny Pryor was swept backwards from second to fourth spot on the rapidly receding tide of small mining stocks. Her cunning bet that Australia Day binge drinking would boost Foster's Group shares paid off, as the brewer's stocks did well.That smart investor Glenn Mumford slid further down the ladder and was only propped up by our chartist who, so far, is not having the happiest new year.
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