Market Wrap: NAB and BHP share prices plunge as ASX crashes

Local shares were poleaxed today with the main bourse crashing more than 100 points.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 2.3% to 4,876 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 2.2% to 4,930 points
  • AUD/USD at US 70.2 cents
  • Iron Ore at US$43.84 a tonne, according to the Metal Bulletin
  • Gold at US$1,126.65 an ounce
  • Brent oil at US$32.53 a barrel

Plummeting oil prices were once again behind the market’s anxiety today after the resource plunged back below US$33 a barrel (from around US$36). Following the lead set by share markets around the world, the losses accelerated as the day went on with energy shares hit particularly hard.

BHP Billiton Limited (ASX: BHP) was again at the epicentre of the plunge. Its shares fell 4.4% ending the day at $14.27.

Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) both shed at least 5% as well while Sundance Energy Australia Ltd (ASX: SEA) and Liquefied Natural Gas Ltd (ASX: LNG) were among the worst performers on the ASX. They fell 11.5% and 8.5%.

The banks didn’t provide any support, either. National Australia Bank Ltd. (ASX: NAB) crashed 5.6% while its rivals all fell nearly 3% as well.

Healthscope Ltd (ASX: HSO) was one of the few companies to buck the trend, rising 1.8%.

Here are Wednesday’s top stories:

  1. Here’s why National Australia Bank Ltd. shares fell today
  2. CRASH: Here’s why BHP Billiton Limited’s share price plunged today
  3. Here’s why shares of Commonwealth Bank of Australia are back in a bear market
  4. Could you go off-grid with solar and battery storage?
  5. Are oil prices about to crash again?
  6. 3 ASX technology shares crushing the ASX 200 in 2016
  7. Here is why ResMed Inc. (CHESS) is one of the best ASX shares to own

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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