Market Update: The S&P/ASX200 was playing catch-up after the Australia Day Public Holiday

Market Update: The S&P/ASX200 was playing catch-up after the Australia Day Public Holiday. The index was down 0.9% at 5,193 points following 3 consecutive days of selloff across the U.S. and European equity markets. All sectors were in the red with resources leading the decline. BHP dropped 2.0% while RIO fell 1.3%. All the major banks were losing between 0.7% to 1.3%. JB Hi-Fi rose 5.4% after strong 1H earnings guidance. The AUD bounced back from yesterday's low of US$0.8678 to a session high today of US$0.8794 and is currently at US$0.8784. The SPI was down 0.2% at 5,145 points on the Sydney Futures Exchange.