Australian share market tumbles, following Wall St rout



Updated

October 25, 2018 10:19:45

The Australian share market has tumbled in early trade, after a massive sell-off on Wall Street overnight.

The benchmark ASX 200 has dropped 1.6 per cent to 5,737. It has fallen by almost 10 per cent since its peak in late-August.

The broader All Ordinaries index has retreated by a similar amount to 5,833 points.

Some of the big-name stocks which have fallen so far include BHP (-2.8pc), AMP (-3pc), Rio Tinto (-2.7pc), Origin Energy (-2pc) and Fortescue Metals (-2.9pc).

The major banks — Commonwealth Bank, Westpac, ANZ and NAB — have each lost more than 1.2 per cent.

Every sector is in the red, with resources (-2.4pc), consumer discretionary (-2.1pc) and energy (-2pc) being the worst performers.

The local market’s substantial decline comes after the Dow Jones index fell more than 600 points, wiping out all its gains since January.

New York’s benchmark S&P 500 index plunged 3 per cent, while the tech-heavy Nasdaq was down almost 4.5 per cent.

The Australian dollar is steady at 70.65 US cents.

More to come.

Topics:

stockmarket,

markets,

currency,

business-economics-and-finance,

company-news,

australia

First posted

October 25, 2018 10:10:38



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