The local market of Australia traded a strong gains during the new year's trading. But the gains seemed to be superficial as it stumbled again led by the banking sector. On the other hand, the resources sector remained strong.
The banks were the biggest losers, dragging the market down with them.
Commonwealth Bank fell 60 cents to $28.60, Westpac declined 12 cents to $16.64, and ANZ retreated 11 cents to $15.07.
NAB fell 17 cents to $20.23 as it hosed down speculation that new chief executive Cameron Clyne may offload the bank's UK assets.
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