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