Market Wrap: ASX plummets as bank woes continue

The ASX was slammed again today, compounding the effects of recent losses.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.4% to 4924 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.4% to 5000 points
  • AUD/USD at US 75.91 cents
  • Iron Ore at US$54.80 a tonne, according to the Metal Bulletin
  • Gold at US$1,225.41 an ounce
  • Brent oil at US$37.51 a barrel

The local share market fell for the third consecutive session today, driven by a weak international lead, falling oil prices and further losses from the banks.

Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) were the worst of the bunch, losing 2.3% and 2%.

Australia and New Zealand Banking Group (ASX: ANZ) dropped 1.5%, while National Australia Bank Ltd. (ASX: NAB) lost 1% as well.

Resources shares were out of favour again. BHP Billiton Limited (ASX: BHP) plunged 3.3%, slipping below $16, while Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) shed 4.2% and 5.3%.

Nine Entertainment Co Holdings Ltd (ASX: NEC) and Liquefied Natural Gas Ltd (ASX: LNG) were among the worst. They fell 23.7% and 10.7%, while Select Harvests Limited (ASX: SHV) rose 9.2%.

Here are Tuesday’s top stories:

  1. RBA leaves interest rates on hold, but a cut could be coming
  2. Why investing in unprofitable tech shares can cost you a fortune
  3. 5 dividend shares for your retirement portfolio
  4. Arrium Ltd’s bankers push for voluntary administration
  5. Medibank Private Ltd hits all-time high of $2.97: Should you buy shares?
  6. Why the Blackmores Limited share price is climbing again
  7. Why the oOh!Media Ltd share price jumped 7.3% today

New Potentially Life-Changing Share Picks Just Released

The Motley Fool's renowned dividend investing guru recently revealed his newest dividend buy recommendation and short list of 3 Best Dividend Buys Now. Which means if you're reading this message right now, you're not on the list to uncover their names before they potentially go gangbusters. Simply click here to learn more about these shares.

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

HOT OFF THE PRESSES: My #1 Dividend Pick for 2017!

With its shares up 155% in just the last five years, this ‘under the radar’ consumer favourite is both a hot growth stock AND our expert’s #1 dividend pick for 2017. Now we’re pulling back the curtain for you... And all you have to do to discover the name, code and a full analysis is enter your email below!

Simply enter your email now to receive your copy of our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2017.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.