The Australian sharemarket finished the day deep in the red, with fears of further volatility.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.5% to 5018 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.4% to 5046 points
- AUD/USD at US 71.11 cents
- Iron Ore at US$58.10 a tonne, according to the Metal Bulletin
- Gold at US$1,108.01 an ounce; Brent oil at US$47.36 a barrel
Historically, the appointment of a new Prime Minister has had a positive effect on the stock market the day after his promotion. That wasn't the case today with the ASX following the lead set by China's stock market to trade deep in the red.
The Big Four banks led the way down. Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd. (ASX: NAB) were hit the hardest, falling 2.6% and 2.3%.
Meanwhile, falling commodity prices acted as a drag on the resources sector with most of the major miners falling further into the red. Rio Tinto Limited (ASX: RIO) was down 2.2% while South32 Ltd (ASX: S32) fell 7.5%.
WHITEHAVEN COAL LIMITED (ASX: WHC) and Slater & Gordon Limited (ASX: SGH) were the market's worst performing stocks today. They fell 5.7% and 5.2% respectively.
Sundance Energy Australia Ltd (ASX: SEA) and Seven West Media Ltd (ASX: SWM) were the market's best, lifting 9.3% and 6.5%.
Here's Tuesday's top stories:
- South32 shares have plunged since they listed on the ASX in July, but is it time to buy?
- Coca-Cola Amatil Ltd (ASX: CCL) could be shaping up as a takeover target
- Volatility is back on the ASX, and investors should get used to it
- One broker argues that now is a good time to buy Australia's major miners
- With the Australian dollar falling, here are 5 stocks worth considering for global exposure
- The oil price is under enormous pressure. Is it time to sell out of the sector yet?
