AUSTRALIAN STOCKS DIVE: Here's What You Need To Know

The ASX had a horror day.

Taking the lead from the US where stocks got hammered overnight, the Dow was down 1.8%, energy stocks led the fall after Brent crude price fell through the $US50 a barrel.

The resource-heavy S&P/ASX 200 was trading down more than 2% before a last minute scramble saw it recover some of the day’s losses to close down 1.57% at 5,364.80.

Here’s the scoreboard:

  • S&P ASX 200: 5,364.80 -85.53 (-1.57%)
  • All Ordinaries: 5,346.20 +83.26 (-1.53%)
  • AUD/USD: 0.8137 +0.0054 (+0.66%)

In the middle of the sell-off Qantas was killing it. The airline, which benefits from cheaper oil prices, closed up nearly 4.5% at $2.61.

The big four banks were all down. Commbank was off 0.76% to $85.30, Westpac was down 0.87% to $32.87, NAB closed 0.8% lower at $33.34, while ANZ was down 1.21% to $31.78 a share.

Similar to the US, some of the biggest declines on the ASX have been energy and resources stocks.

Sundance Energy recouped some losses from earlier trading to close down 4.95% to $0.48, rare earth miner Lynas was off 8.82% to $0.062 and Santos lost 8.6% to $7.55 a piece.

Iron ore miners also managed a late afternoon rally with Atlas Iron finishing the day where it started at $0.255 a share, Fortescue closing 1.06% lower at $2.79 and Arrium ending the day 4.35% lower at $0.22.

BHP Billiton was down 4.647% to $28.11 a share while Rio Tinto was down 1.52% to $57.59.

And the top business stories on Tuesday:

  1. Two guys have been charged with $110 million home loan fraud.
  2. The falling Aussie dollar could see local companies lift prices.
  3. Australia’s balance of trade fell in November.
  4. Glencore is producing coal again after its Christmas shutdown.

Here’s the chart.

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