The Australian market has fallen more than two per cent, dragged down by major falls in banking and mining stocks after a grim night on international markets.
The benchmark S&P/ASX200 index is down 2.3 per cent at 4861.1 points, following particularly sharp losses across Europe with banking stocks leading the falls.
Renewed concerns about Greece, the nation’s banking sector and political instability weighted heavily on the mind of investors across Europe.
The Greek market fell to its lowest level in about 25 years, losing around eight per cent of its value on Monday.
Australia’s top four banks are all sharply lower, accounting for around 40 per cent of the market’s total losses.
The Commonwealth Bank of Australia dropped $1.63 to $74.75, Westpac fell $1.00 to $29.26, National Australia Bank dropped 96 cents to $25.19 and ANZ Banking fell 72 cents to $23.01.
Mining giants BHP Billiton fell 49 cents to $15.88 and Rio Tinto lost 54 cents to $41.99.
KEY FACTS:
* At 1201 AEDT on Tuesday, the benchmark S&P/ASX200 index was down 114.3 points, or 2.3 per cent, at 4861.1 points.
* The broader All Ordinaries index was down 111.7 points, or 2.2 per cent, at 4,910.4 points.
* The March share price index futures contract was down 116 points at 4,807 points, with 23,974 contracts traded.
* National turnover was 815.7 million securities traded, worth $1.80 billion.
