Local shares fell sharply on Wednesday, reversing any gains achieved in the previous session. The ASX ended the day near its lowest price since mid-2013.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.3% to 4841 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.2% to 4896 points
- AUD/USD at US 68.66 cents
- Iron Ore at US$42.78 a tonne, according to the Metal Bulletin
- Gold at US$1,092.53 an ounce
- Brent oil at US$28.15 a barrel
Investors continued to fret about plummeting oil prices and China's slowdown, while they were also focused on BHP Billiton Limited's (ASX: BHP) report which revealed a fall in production for most commodities.
The big miner's shares plunged 3.5% to a fresh 11-year low today, followed by Origin Energy Ltd (ASX: ORG) and Santos Ltd (ASX: STO) which crashed 9.4% and 7.5% respectively.
Slater & Gordon Limited (ASX: SGH) and Beach Energy Ltd (ASX: BPT) also crashed in price, their shares losing 9.6% and 11.3% and making them the two worst performers on the ASX.
None of the banks provided any support, either. All four ended the day at least 1% lower but Australia and New Zealand Banking Group (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) were the biggest losers, shedding 4.4% and 3.6%.
Sydney Airport Holdings Ltd (ASX: SYD) somehow bucked the trend, rising 2.5% to $6.47.
Here are Wednesday's biggest stories:
- BHP Billiton Limited downgrades iron ore guidance: Is it time to sell?
- BHP Billiton Limited: A lesson for investors
- Why the SEEK Limited share price could soar in 2016
- Should you sell "expensive" healthcare shares and buy "cheap" oil shares?
- Credit Suisse says Mesoblast limited has blockbuster potential
- Citigroup says 100% chance of a rate cut: 3 income-boosting ASX dividend shares