Local shares defied the strong lead set by international markets overnight, ending the day deep in the red.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.2% to 4946 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.1% to 5000 points
- AUD/USD at US 70.17 cents
- Iron Ore at US$41.08 a tonne, according to the Metal Bulletin
- Gold at US$1,120.03 an ounce
- Brent oil at US$31.41 a barrel
A fall in the value of Chinese shares, together with another decline in oil prices, weighed on the market's mood today.
Inflation figures from the Australian Bureau of Statistics were around consensus forecasts which may also have reduced the chances of an official interest rate cut in the next few months as well, dragging on investor sentiment.
The banks did most of the damage today, led by National Australia Bank Ltd. (ASX: NAB). Its shares plunged 3.1% while the next worst-performing bank was Australia and New Zealand Banking Group (ASX: ANZ), which shed 2%.
BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) also fell further, losing 1.8% and 2.7%. Fortescue Metals Group Limited (ASX: FMG) touched a multi-year low share price of $1.44, but ended the day 4% lower at $1.46.
Amongst the other losers were Telstra Corporation Ltd (ASX: TLS), down 0.9%, while Ten Network Holdings Limited (ASX: TEN) dropped 13%.
AWE Limited (ASX: AWE) was one of the best performing shares on the market, rising a whopping 56.9%.
Here are Wednesday's top stories:
- 5G is coming and it will make the National Broadband Network redundant
- Why the AP Eagers Ltd share price soared today
- Why the Ten Network Holdings Limited share price is sinking
- Here's why the AWE Limited share price surged higher today
- Will crude oil really hit US$70 a barrel in 2017?
- Why the GUD Holdings Limited share price plunged 11%
- Greencross Limited rejects takeover offer: Are the shares a buy?