BREXIT SELL-OFF HITS AUSTRALIA: Here's what you need to know

Photo: Ryan Pierse/ Getty Images.

Australian stocks fell hard.

Here’s the scoreboard:

  • S&P ASX 200: 5,203.30 -109.30 -2.06%
  • All Ordinaries: 5,282.50 -109.06 -2.02%
  • AUD/USD: 0.7398 +0.0010 +0.14%

The local market was caught up in a global rout over fears of the impact of a possible Brexit, the UK’s departure from the European Union after a June 23 referendum.

On Wall Street, the S&P 500 closed down 0.8% on Monday and European markets have dropped to a three month low.

In Australia, the ASX 200 dropped below the key support level of 5300 points.

All sectors were in the red with energy stocks on a steep slide. The big miners and major banks were not far behind.

The banks lost more than 2% with the ANZ down 2.64% to $23.65 and the Commonwealth about the same to $73.52.

CYBG, the UK Clydesdale bank spinoff from the NAB, fell 5% to $5.31.

BHP shed 3.1% to $18.28 while Woodside dropped nearly 3% to $26.20 and Santos almost 7% to $4.39.

Australian gold miners gained as the price of the precious metal, a traditional sanctuary during troubled times, headed toward $US1300 an ounce.

Northern Star was almost 3% higher at $4.88 and Newcrest added 1.1% to $22.55.

In the healthcare sector, Primary fell 4.5% to $3.78 after announcing the sale of its health insurance business, Transport Health, for $27 million.

Qantas dropped 4.6% to close at $2.86.

The top stories Tuesday:

1. More taxes. NSW is hitting foreign property investors with $1 billion.

2. A new CEO of GoCatch. David Holmes is replacing co-founder Ned Moorfield.

3. More dips ahead. Here’s how much further we still have to fall over the mining cliff.

4. Stem cell bashing. Biotech Mesoblast came out of a trading halt, saying it has regained full rights to its experimental treatment for advanced chronic heart failure. Mesoblast shares fell 42% to close at $1.11.

5. Inside Sydney’s most luxurious co-working spaces. Paramount, The Office Space.

6. Shopkins toys. An Australian toy maker has been named World Entrepreneur Of The Year 2016.

7. The new best restaurant in the world is Italian. The signature dish of Italian chef Massimo Bottura is five Parmesan cheeses of different ages. Also read: What it’s like to spend the day with Massimo Bottura.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.