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Evening Update – Wednesday 7 July, 2015

The Aussie market was smashed today, with the troubles in China coupling with the lingering uncertainty around Greece culminating in a 100+ point selloff. There was nowhere to hide for the bulls, with the bulls digging their claws in and dragging every sector lower. Materials lost 3%, with the big miners coming under pressure as iron ore prices continue to tumble; BHP Billiton (BHP) slumped 3%, Rio Tinto (RIO) shed 3.3% and Fortescue Metals (FMG) was belted 6.2%. Industrials, energy and financials were also big losers. Of the oilers, Santos (STO) was the worst, giving up 3.3%, whilst of the big four, National Australia Bank (NAB) was the hardest hit, losing 2.6%. At the other end of the spectrum, a few health stocks were among the 14 winners in the ASX200, with ResMed (RMD) rising 2.6% and Mayne Pharma (MYX) up 2.4%. On the day the ASX 200 lost 112 points (-2%) to settle at 5470.