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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%.

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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.

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