The Australian Market Is Tanking

Getty/Bruno Vincent

The Australian market shrugged off early gains to fall 1%, dragged down by the banks and energy stocks.

The fall in the S&P/ASX 200 plunge broke a run of three positive trading days in a row.

All the banks were weaker with Westpac down 1.71% to $32.83, the NAB 1.5% to $32.30, ANZ 0.79% to $31.96 and Commonwealth 0.77% to $81.45.

Rio Tinto was down 3.46% to $57.13, BHP weaker by 1.9% to $30.30 and pure play iron ore miner Fortescue down 4.5% to $2.645.

Among the energy producers, Liquefied Natural Gas Limited was down 14.4% to $2.67 and Sundance Energy was weaker by 8.6% to $0.58.

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