The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen sharply today, down 1.2% just after lunch due to a combination of falling commodity prices, a weak lead set by international equity markets, and a crumbling BHP Billiton Limited (ASX: BHP) share price.
BHP Billiton's shares fell hard on Friday following reports of more than a dozen deaths after one of its Brazilian dams collapsed. Three days on and emergency workers are still searching for bodies in an incident that some estimates suggest could cost the miner hundreds of millions of dollars. BHP Billiton fell another 3.6% today and is hovering just below the $22 per share mark.
BHP's fellow miners aren't lending any support, either. Rio Tinto Limited (ASX: RIO) is down 2.8%, Woodside Petroleum Limited (ASX: WPL) lost 2% and Newcrest Mining Limited (ASX: NCM) crashed 6.5% with oil, iron ore and gold prices all slipping in the latest session.
Elsewhere, the banks also acted as a drag on the market's progress. Australia and New Zealand Banking Group (ASX: CBA) and National Australia Bank Ltd. (ASX: NAB) fell the hardest, losing 1.8% and 1.5% respectively, while Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) shed 1.3% and 0.9% each.
Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES) fell roughly 2% each and Telstra Corporation Ltd (ASX: TLS) is down 1.1%.
Indeed, days like today can be extremely discouraging for investors – especially considering the market rout we suffered in months gone by. Although it is extremely important that you resist the urge to sell into the doom and gloom, it can also pay to remind yourself of how to cope if conditions do get worse.
