The Australian share market is limping through one of its worst sessions in five years, suffering from falls on Wall Street, falling oil prices and a slowdown in the Chinese economy.
The dire situation was not helped by China’s Shanghai Composite index opening almost seven per cent lower.
The energy sector was the local market’s worst performer, down 4.4 per cent, while the financials have dropped almost three per cent.
Iron ore miner Fortescue Metals’ shares have slumped 10 per cent after it announced only a slim profit amid falling commodity prices.
Among the few shares trading higher was Bluescope Steel, up almost eight per cent after it announced a turn to profit and the shedding of 500 jobs.
KEY FACTS
* At 1202 AEST, the benchmark S&P/ASX200 index was down 141.5 points, or 2.61 per cent, at 5,078.3 points.
* The broader All Ordinaries index was down 137.6 points, or 2.62 per cent, to 5,087.7 points.
* The September share price index futures contract was down 140 points at 5,028, with 27,191 contracts traded.
* National turnover was 1.3 billion securities worth $3.16 billion.
