Market Wrap: ASX plummets as bank woes continue

The ASX was slammed again today, compounding the effects of recent losses.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.4% to 4924 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.4% to 5000 points
  • AUD/USD at US 75.91 cents
  • Iron Ore at US$54.80 a tonne, according to the Metal Bulletin
  • Gold at US$1,225.41 an ounce
  • Brent oil at US$37.51 a barrel

The local share market fell for the third consecutive session today, driven by a weak international lead, falling oil prices and further losses from the banks.

Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC) were the worst of the bunch, losing 2.3% and 2%.

Australia and New Zealand Banking Group (ASX: ANZ) dropped 1.5%, while National Australia Bank Ltd. (ASX: NAB) lost 1% as well.

Resources shares were out of favour again. BHP Billiton Limited (ASX: BHP) plunged 3.3%, slipping below $16, while Woodside Petroleum Limited (ASX: WPL) and Santos Ltd (ASX: STO) shed 4.2% and 5.3%.

Nine Entertainment Co Holdings Ltd (ASX: NEC) and Liquefied Natural Gas Ltd (ASX: LNG) were among the worst. They fell 23.7% and 10.7%, while Select Harvests Limited (ASX: SHV) rose 9.2%.

Here are Tuesday’s top stories:

  1. RBA leaves interest rates on hold, but a cut could be coming
  2. Why investing in unprofitable tech shares can cost you a fortune
  3. 5 dividend shares for your retirement portfolio
  4. Arrium Ltd’s bankers push for voluntary administration
  5. Medibank Private Ltd hits all-time high of $2.97: Should you buy shares?
  6. Why the Blackmores Limited share price is climbing again
  7. Why the oOh!Media Ltd share price jumped 7.3% today

New Potentially Life-Changing Share Picks Just Released

The Motley Fool's renowned dividend investing guru recently revealed his newest dividend buy recommendation and short list of 3 Best Dividend Buys Now. Which means if you're reading this message right now, you're not on the list to uncover their names before they potentially go gangbusters. Simply click here to learn more about these shares.

Motley Fool contributor Ryan Newman has no position in any stocks mentioned. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.