The Australian sharemarket has been wiped out today.
In what can only be described as a 'bloodbath', the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) crashed to its lowest level since January, plummeting as much as 2.2% to a low of 5423 points. At the same time, the broader ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) also fell 2.2% to a low of 5416 points.
Investors are once again reacting to the Greek debt crisis amid mounting concerns the country will finally exit the Eurozone. Negotiations between Greece and its international creditors failed over the weekend with the nation moving dangerously close to defaulting on its loan from the International Monetary Fund (it owes 1.6 billion euros by 30 June). You can read more about that, here.
In response to the uncertainty created by the situation, investors are frantically withdrawing their funds from equities markets and moving them to safer alternatives. Indeed, the banks have been amongst the biggest casualties recently, and that is certainly the case today.
Australian and New Zealand Banking Group (ASX: ANZ) has been slammed 1.8%, while National Australia Bank Ltd. (ASX: NAB) and Commonwealth Bank of Australia (ASX: CBA) have fallen 1.8% each. Westpac Banking Corp (ASX: WBC) is also sporting a 1% decline for the day thus far, with each of the banks acting as a heavy weight on the market's performance.
Unfortunately, the losses have been far more widespread than the financial sector. Elsewhere, BHP Billiton Limited (ASX: BHP) and Telstra Corporation Ltd (ASX: TLS) have retreated 1.2% and 1.6% respectively, while Woolworths Limited (ASX: WOW), Macquarie Group Ltd (ASX: MQG) and CSL Limited (ASX: CSL) have been slammed 1.7%, 2% and 1.7% respectively.
Notably, Slater & Gordon Limited (ASX: SGH) has also resumed its status as the market's worst-performing stock today upon another cringe-worthy market update. The stock plunged 24%, adding to the 21% loss the shares recorded during the last five trading sessions.
Given the uncertainty surrounding the market right now, investors should brace themselves for more volatility over the coming days.
