Shares plunge into bear market territory for first time since 2011

Wednesday, 10 Feb 2016 15:37:18 | Liz Hobday

An investor watches the boards at the Australian Stock Exchange in August 2007. (AAP: Dean Lewins, file photo)

The Australian share market has plunged into bear market territory for the first time since the Greek debt crisis of 2011, losing as much as $37 billion in value at its worst point.

The All Ordinaries closed down 56 points to 4,826 and the ASX 200 lost the same amount to 4,775.

The energy sector was down almost 5 per cent, resources and retail losing 4 per cent, and finance stocks down 1.5 per cent.

CBA stocks were up from $1.33 to $74.20, as the bank's net profit after tax grew 2 per cent to $4.6 billion.

Energy firm AGL reported an after-tax loss of $449 million on write downs to its coal seam assets but with little effect on investors as shares gained 20 cents to $19.

Boral shares also gained 18 cents to $5.32.

But Telstra stocks dived 18 cents to $5.43 after its network failure yesterday.

Around 5:00pm (AEDT) the Australian dollar was down to $US70.5 cents.

Gold was higher at $US1,190 an ounce, while West Texas Crude Oil was down at $US27.91 dollars a barrel.

AustraliaPlus

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

Shares plunge into bear market territory for first time since 2011

Email this to your friend