Australian stocks fell hard.
Here’s the scoreboard:
- S&P ASX 200: 5,119.50 -95.51 -1.83%
- All Ordinaries: 5,180.30 -89.42 -1.70%
- AUD/USD: 0.7058 +0.0014 +0.20%
All ten sectors went into the red. The retreat was led by BHP which fell 5.6% to $21.42, its lowest level in more than six years.
The world’s biggest miner has shed 8% in value since a mine disaster in Brazil late Thursday left up to 29 dead.
BHP is reviewing its iron ore production guidance for the 2016 financial year following the accident.
Rio Tinto followed, falling 3.5% to $49.00 and Woodside Petroleum 2.5% to $29.23.
The banks also lost ground. The Commonwealth was down 1.3% to $75.58.
The top stories Monday:
1. Goodbye David Gyngell. Board director and TV industry veteran Hugh Marks is the new CEO at Nine Entertainment. Nine shares were down more than 2% to $1.54.
2. A complete change. Oil and gas giant Santos has appointed a new CEO amid plans to raise $2.5 billion and reduce debt. Its shares are in a halt.
3. Free internet. Skyfii, which provides Wi-Fi data services to shopping centres and other public buildings, has successfully raised $4.1 million from institutional and high net worth investors. Skyfii were down 2.8% to $0.17.
4. Disruption. Changed technology can drive real competition in Australian banking, according to KPMG in its Mutuals Industry Review 2015.
5. More proof Australia’s job market is improving. The number of job ads continued to push higher last month.