Australian shares slide

Australia’s Elizabeth Cambage falls during a Women’s quarterfinal basketball match with Serbia during the Rio Games. Mark Ralston/AFP/Getty Images

Australian shares fell fast in morning trade.

The ASX 200 dropped below the key support level of 5550. A short time ago, the index was at 5,459.70, down 55.77 points or 1.01%.

A number of companies are trading ex-dividend. Wesfarmers was down 3.3% to $42.85.

The banks also dragged on the market with Westpac down 1.1% to $29.76 and the NAB 1.1% to $27.15.

Nine out of 10 sectors were in the reed, led by energy stocks. Woodside Petroleum dropped 3.1% to $28.75.

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