Local shares fell sharply on Wednesday, reversing any gains achieved in the previous session. The ASX ended the day near its lowest price since mid-2013.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.3% to 4841 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.2% to 4896 points
  • AUD/USD at US 68.66 cents
  • Iron Ore at US$42.78 a tonne, according to the Metal Bulletin
  • Gold at US$1,092.53 an ounce
  • Brent oil at US$28.15 a barrel

Investors continued to fret about plummeting oil prices and China’s slowdown, while they were also focused on BHP Billiton Limited’s (ASX: BHP) report which revealed a fall in production for most commodities.

The big miner’s shares plunged 3.5% to a fresh 11-year low today, followed by Origin Energy Ltd (ASX: ORG) and Santos Ltd (ASX: STO) which crashed 9.4% and 7.5% respectively.

Slater & Gordon Limited (ASX: SGH) and Beach Energy Ltd (ASX: BPT) also crashed in price, their shares losing 9.6% and 11.3% and making them the two worst performers on the ASX.

None of the banks provided any support, either. All four ended the day at least 1% lower but Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) were the biggest losers, shedding 4.4% and 3.6%.

Sydney Airport Holdings Ltd (ASX: SYD) somehow bucked the trend, rising 2.5% to $6.47.

Here are Wednesday’s biggest stories:

  1. BHP Billiton Limited downgrades iron ore guidance: Is it time to sell?
  2. BHP Billiton Limited: A lesson for investors
  3. Why the SEEK Limited share price could soar in 2016
  4. Should you sell “expensive” healthcare shares and buy “cheap” oil shares?
  5. Credit Suisse says Mesoblast limited has blockbuster potential
  6. Citigroup says 100% chance of a rate cut: 3 income-boosting ASX dividend shares

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. 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 has no position in any of the stocks mentioned. 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.