Market Wrap: Shares plunge as China weighs

The local share market continued its descent today, falling for the fourth consecutive session.

Here’s a quick rundown:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.2% to 5123 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.2% to 5178 points
  • AUD/USD at US 71.27 cents
  • Iron Ore at US$43.11 a tonne, according to the Metal Bulletin
  • Gold at US$1,078.22 an ounce
  • Brent oil at US$36.47 a barrel

Fears of a slowdown in China continued to weigh on local shares today, dragging the market lower as the day progressed. Furthermore, reports that North Korea had tested a hydrogen bomb may have also added some angst to the market.

Again, it was the major banks doing much of the damage. All four ended the day in the red, with National Australia Bank Ltd. (ASX: NAB) and Westpac Banking Corp (ASX: WBC) the two worst affected, losing 1.5% each.

BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) also fell 2.5% and 3%, while Telstra Corporation Ltd (ASX: TLS) fell 1.1%.

Fortescue Metals Group Limited (ASX: FMG) was one of the worst-performing shares, losing 6.1%. JB Hi-Fi Limited (ASX: JBH) managed to buck the trend, rising 2.3%.

Here are Wednesday’s top stories:

  1. Here’s why the JB Hi-Fi Limited share price is soaring
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  3. Grange Resources Limited flags job cuts as iron ore crashes
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Motley Fool contributor Ryan Newman owns shares of Bellamy's Australia. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia owns shares of Bellamy's Australia. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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