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AUSTRALIAN STOCKS CRUSHED: Here's what you need to know

China Photos/Getty Images

The Australian market was destroyed.

Here’s the scoreboard:

  • S&P ASX 200: 4,832.10 -143.29 -2.88%
  • All Ordinaries: 4,882.60 -139.49 -2.78%
  • AUD/USD: 0.7031 -0.0057 -0.80%

The ASX 200 had its largest percentage decline since Sept 29 last year and the third largest fall in five years.

Financial stocks, led by the big four banks, lost more than 4% as the ASX 200 crashed through the key 4900 point level.

All ten sectors ended the day in the red as investors were swamped by a global selloff. Wall Street’s S&P 500 closed 1.4% down on worries about economic growth. And stocks dived in Europe on concerns about the health of the banking sector.

Westpac went below $30 a share at $28.70, down 5.16%. The NAB fell 4.78% to $24.90, the ANZ shed 3.96% to $22.79 and the Commonwealth 4.6% to $72.87.

The miners also lost ground with BHP dropping 1.96% to $16.05.

Energy stocks fell 3% on the back of weaker oil prices. Santos lost 4.96% to $3.06.

Gold stocks soared, on the back of a rally in the price of the precious metal, with Northern Star up 7.7% to $3.63 and Ocean Gold 11.6% to $3.87.

The top stories Tuesday:

1. Furniture sales. Nick Scali reported a record profit of $14.1 million, a rise of 41%, for the half year to December 2015. Nick Scali shares added 6.8% to close at $4.40.

2. Spending $15 million. The Bank of Queensland, its margins under pressure, is working on an organisational restructure. The bank’s shares lost 8% to close at $11.66.

3. Money in detention. Shares in Broadspectrum, formerly Transfield Services, fell hard over doubts it can hold onto its long term contract to run controversial asylum seeker detention centres at Manus Island in Papua New Guinea and at the island nation of Nauru. The company’s shares lost more than 13% to close at $1.09.

4. The Chinese tourist spending billions. A unusual wave of shoppers is hitting upmarket stores in Sydney’s CBD and they represent one of the biggest opportunities in Australian retail in a long time.

5. Hello?, hello? Telstra has confirmed a massive outage of its 3G and 4G network across the country, with all major cities affected.

6. Those Millennials again. Here are 12 things you need to know about how to keep working for you.

7. Expanding fast. How using a lite business model for its overseas expansion saved Vinomofo years and millions.

8. Feeling good. Australian consumer confidence has risen for the first time this year.

9. Let’s drink to that. Prosecco is coming after champagne’s place as the king of sparkling drinks.

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