The Australian market was swept up in a global meltdown which saw biggest one-day fall in points on the ASX 200 since 2008 and the biggest percentage fall since 2009.
Here’s the scoreboard:
- S&P ASX 200: 5,001.30 -213.30 -4.09%
- All Ordinaries: 5,014.20 -210.61 -4.03%
- AUD/USD: 0.7229 -0.0082 -1.13%
The local market was overcome by global fears about China’s economy and then went lower today as markets dived again at the start of the Shanghai trading session. On Wall St, the S&P 500 lost 3.1% on Friday.
On the ASX, energy stocks were battered the most with oil prices at $US40 a barrel, their lowest point since 2009.
As a sector, energy lost 6%. Woodside Petroleum was down almost 5% to $30, Santos 11.25% to $4.97 and LNG 6% to $2.32.
BHP was down more than 5% to $22.89 and Rio Tinto 5.15% to $46.97.
The major banks and financial stocks lost almost 4% with Westpac down a massive 6% to $29.45 and the ANZ more than 5% to $26.91.
Macquarie Bank lost 5.8% to $70.33 and wealth manager AMP was down 5.3% to $5.80.
Retailers were also weaker with JB Hi-Fi down almost 5% to $18.70 and Woolworths more than 4% to $25.29.
So far in August, the Australian market has lost 12.25%, the biggest monthly fall since the GFC. From January 1, the loss is 7.5%.
The top stories for Monday:
2. Fortescue Metals posted a worse than expected 88% drop in profit to $317 million from $2.7 billion. Andrew Twiggy Forrest made about $20 million from the final year dividend. The shares closed down 14.65% to $1.63.
Bluescope Steel has posted a full year net profit of $136.3 million, the company’s best performance since the GFC. Its shares closed up 8.58% to $$3.67.
3. South32, the BHP spinoff, today announced write downs of $594 million and plans to cut operating costs and capital expenditure further as it deals with volatile commodity prices. It closed down 7.57$ to $1.40.
4. Another deal gone. Quickflix, a local competitor to the US-based giant streaming company Netflix, says the acquisition of a media player in China has fallen through. Its shares were down by 50% to $0.001.
5. These are the most viewed CEO profiles in Australia on Linkedin.