End of Day Report – Wednesday 17th December ASX 200 drops 14 - Gold shines - JP Morgan updates lithium stocks - Shorts smashed

The Australian sharemarket fell after a weak US lead and oil declined to its lowest level in almost five years. That is good for inflation though.

The S&P/ASX 200 closed down 13.7 points, or 0.2% at 8585.20 as a sell-off in the energy sector on weaker oil prices was offset by a strong rally in mining stocks. The All Ordinaries slipped 0.1%. Industrials were weak and tech once again sold down hard. Banks eased back too.

Lithium stocks soared on JP Morgan upgrades and gold miners flying high. Gold in AUD hits $6550.

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