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

A bull rider falls in Deniliquin. Mark Kolbe/Getty Images

The Australian market fell hard.

Here’s the scoreboard:

  • S&P ASX 200: 5,051.30 -74.39 -1.45%
  • All Ordinaries: 5,111.80 -70.35 -1.36%
  • AUD/USD: 0.7136 +0.0010 +0.14%

Billions of dollars in value was ripped from the market as investors sold in the face of falling commodity prices.

In early trade, the market quickly dropped more than 2%, falling close to 5000 on the ASX 200, before regaining some lost ground.

All ten sectors stayed in the red. For the week, the loss was more than 3%.

BHP dropped below $20 a share at one stage, a seven year low, before bouncing back. The world’s biggest miner has lost more than 13% since the fatal iron ore mine disaster in Brazil last week. Over a month, the fall is about 20%.

Fortescue lost almost 3% to $2.28 and Rio Tinto 1.7% to $48.65. South32, the BHP spinoff, was down more than 4.7% to $1.29.

Santos shed more than 7% to $3.97, adding to Thursday’s 27% fall when the energy producer came out of a trading halt after a capital raising.

The major banks followed, with the Commonwealth dropping 2% to $75.76.

The top stories Friday:

1. The disaster for BHP. The world’s biggest miner today updated the market on last week’s fatal mine accident in Brazil, saying the waste from the breached tailings dam now extends 440km downstream, affecting 11 communities. Its shares closed down 1.8% to $20.23.

2. The new OzForex CEO. He going for growth and is about to ditch the company name.

3. Want a visa? The Productivity Commission says sellings visas to rich foreigners just doesn’t work for Australia.

4. The big Australian float in the US. Here’s a quick calculation for what Atlassian might be worth.

5. Tech parks. The decision to sell the Australian Technology Park to Commonwealth Bank and Mirvac is a gigantic blow to Fishburners, the Sydney based Startup Space. Also read: Tech leaders are gutted over the sale.

6. Where are the local players? Netflix is now in one million homes across Australia.

7. Planning to put in a little extra this weekend? Here’s a simple trick to stop worrying about work after work.

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