Another miserable day in May

The stockmarket resumed with vigour its downwards run yesterday after a drop on US markets on Tuesday night and a dip in metal prices.
The ASX 200 index fell 103.7 points to 5001.7 points while the All Ordinaries fell 94.5 to 4972.3.
For May as a whole, the ASX 200 recorded a 4.9 per cent drop, month on month, the biggest fall since February of 2003, when the index lost 5.3 per cent.
Shaw Stockbroking head dealer Jamie Spiteri said the weaker performance was expected after falls in other major markets around the world.
"It is no surprise when you consider European markets and US markets were down overnight," he said.
"Our market is reflecting the sensitivity that global markets are having towards the assessment of the short- to medium- term performance of the US economy."
In the US, the three major indices fell as oil prices were higher and there were concerns about falling discretionary spending.
The oil price could not offset the weak sentiment in the local market, where domestic energy stocks moved lower.
Woodside shed $1.70 to $44, Santos retreated 30c to $11.50 and Oil Search dipped 10c lower to $4.06. Beach, however, was up 2c at $1.44.
Major resource stocks tumbled, with BHP Billiton losing $1.10 to $28.23 while Rio Tinto pulled back $3.10 to $78.10. Base metal miner Zinifex moved against the trend, gaining 41c to $11.92 after announcing a $19 million cash injection into its Rosebery mine in Tasmania.
The big banks followed the trend down with ANZ losing 45c to $26.45, the Commonwealth $1.09 to $43.18, NAB $1.13 to $35.09 and Westpac ending 46c lower at $22.94. Macquarie Bank was down $1.91 to $63.99.