Local shares staged a comeback late in the session, but still closed considerably lower for the day.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.8% to 5037 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.8% to 5087 points
- AUD/USD at US 72.89 cents
- Iron Ore at US$39.08 a tonne, according to the Metal Bulletin
- Gold at US$1,075 an ounce
- Brent oil at US$40.42 a barrel
The ASX 200 took a dive and briefly traded below the 5000 point mark as shares in the big four banks fell hard. This was possibly due to the strong jobs report which reduced the chance of an official interest rate cut when the Reserve Bank of Australia officials meet in February.
Australia and New Zealand Banking Group (ASX: ANZ) was the only major to finish less than 1% lower. Westpac Banking Corp (ASX: WBC) was the worst of the four, its share price falling 2% for the session.
However, BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) both bounced after a 1.1% rise in the iron ore price overnight. The pair closed 1.9% and 2.4% higher, but Fortescue Metals Group Limited (ASX: FMG) still closed 1.4% lower.
Woolworths Limited (ASX: WOW) and Telstra Corporation Ltd (ASX: TLS) also ended the day in the red, down 1% and 1.1%.
WHITEHAVEN COAL LIMITED (ASX: WHC) was the biggest casualty for the day, falling 11.6%. Arrium Ltd (ASX: ARI), on the other hand, rose 11.3% for the day.
Here are Thursday's top stories:
