Australian stocks tumble

Photo by Mark Kolbe/Getty Images

The local market dropped sharply.

Investors, worried about higher US interest rates, sold down the major banks and the big miners.

A short time ago, the ASX 200 was at 5,311.30, down 67.26 or 1.25%.

Nine out of ten sectors had lost ground, with energy stocks as a group down more than 3%.

Westpac dropped more than 2% to $30.065 and BHP 3.4% to $18.430.

Among energy stocks, Woodside Petroleum shed 2% to $26.85 and Santos 2.8% to $4.40.

NAB spinoff CYB, the former Clydsdale bank, was down 4.8% to $5.53.

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