Market Wrap: ASX crash continues as oil shares collapse

Local shares started strongly today, but ultimately gave up their lead to continue what has been a horror start to 2016.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.1% at 4925 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.2% at 4982 points
• AUD/USD at US 69.80 cents
• Iron Ore at US$41.31 a tonne, according to the Metal Bulletin
• Gold at US$1,097.62 an ounce
• Brent oil at US$30.82 a barrel

A late rally on Wall Street helped spark some life into the ASX this morning, but the market soon reversed course to end in the red for the eighth-straight session. A bearish research note from RBS and heavy falls amongst Australia's energy and gas shares didn't help investor sentiment.

Although all four major banks rose earlier in the day, Australia and New Zealand Banking Group (ASX: ANZ) and National Australia Bank Ltd. (ASX: NAB) both finished lower, down 0.4% and 0.3% respectively.

The miners fared even worse. Shares of BHP Billiton Limited (ASX: BHP) closed 3.5% lower and are threatening to fall below $15, while Rio Tinto Limited (ASX: RIO) plunged 3.3% as well.

Elsewhere, Santos Ltd (ASX: STO) shares collapsed 8.1% to their lowest price in more than two deades, and Sundance Energy Australia Ltd (ASX: SEA) plummeted 11.8%. It was the worst performing share on the ASX.

Spotless Group Holdings Ltd (ASX: SPO) bucked the trend, rising 3.3%, making it one of the market's best shares for the day.

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