The local share market was a sea of red today.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 2.4% at 5,095 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 2.3% at 5,116 points
- AUD/USD up 0.4% to US 70.13 cents
- Iron Ore at US$58.18 a tonne, according to the Metal Bulletin
- Gold at US$1,107.67 an ounce; Brent oil at US$47.24 a barrel
The ASX followed Wall Street lower today, reversing many of the gains achieved during Wednesday's relief rally. Citi's forecast of a 55% chance of a global recession didn't ease the market's concerns, although investors were surely relieved to see a marginal improvement in the local unemployment rate.
National Australia Bank Ltd. (ASX: NAB) led the banks down, falling 3.5%, with its rivals falling between 2.1% and 3.3%. Meanwhile, BHP Billiton Limited (ASX: BHP) tumbled 3% and Woolworths Limited (ASX: WOW) hit a new three-year low of $24.71, before ending the day 2.2% lower at $24.76.
Sundance Energy Australia Ltd (ASX: SEA) and Liquefied Natural Gas Ltd (ASX: LNG) were the hardest hit for the day, falling 27.3% and 13% respectively. Greencross Limited (ASX: GXL) bucked the trend, ending the day 2.6% higher.
Here are the major stories for Thursday:
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- Australia's unemployment rate fell to 6.2% in July 2015, compared to some estimates of 6.5% prior to the announcement
- ASX listed oil stocks were hammered today after a heavy fall in oil prices overnight
- Veda Group Ltd (ASX: VED) was reported to be in acquisition talks with iSentia Group Ltd (ASX: ISD), although it has since put that speculation to bed saying it has no such interest.
- Share registry business Link Group is reportedly exploring a $1 billion public float
- Healthscope Ltd's (ASX: HSO) shares took a bath today for a number of reasons
Although there will be positive days on the market over the coming weeks, investors need to be prepared for even more volatility. Keep your cool and don't panic, and everything will be okay in time. Remember, it is the investors who panic that wind up losing money.
