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Category: Stockmarket / Currency / Markets / International Financial Crisis

Australian share slide accelerates as China falls again

Wednesday, 27 Jan 2016 11:59:01 | Michael Janda

An electronic display shows data at the Australian Stock Exchange in Sydney, Friday, September 23, 2011. The world's major economies are pledging to take strong actions to restore financial stability. (AAP: Tracey Nearmy)

The Australian share market is recording heavier falls this afternoon, as Chinese markets slide for a second straight day.

Around 2:30pm (AEDT) the main Shanghai share market index was 1.8 per cent lower, with Shenzen's main index off more than 3 per cent.

The falls were not being echoed in Tokyo or Hong Kong, which were both higher, but Australian investors appear to be reacting to it.

The benchmark ASX 200 index of the largest listed companies was 1.1 per cent lower at 4,954, while the broader All Ordinaries had fallen 50 points to 5,007.

One of the biggest losers on the market was GUD, a conglomerate which owns the Sunbeam consumer electronics brand as well as several automotive products businesses.

It was 11.1 per cent lower at $7.02 after announcing a 90 per cent fall in half-year profit to just $1.7 million due to $18.5 million in write-downs.

However, the main drivers of the share market fall were the big four banks.

The financial institutions dominate Australia's share indices through their enormous size, and had falls ranging from ANZ's 1.4 per cent slide to NAB's 2.8 per cent drop.

The major miners were not helping either, with Rio Tinto down 1.7 per cent to $38.51 and BHP Billiton falling 1.1 per cent to $15.12.

Oil and gas companies also weighed, as crude prices gave back overnight gains in Asian trade.

Origin was off 5.6 per cent, Oil Search 4.3 per cent, Santos 2.7 per cent and Woodside 1.6 per cent to $26.

The Australian dollar had also backed away from earlier gains, fetching 70.1 US cents.

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