The share market has plunged to a fresh eight month low due to frenzied selling sparked by weaker oil prices and volatility on China’s markets.
Heavy falls in the resources and banking sectors pulled the main indices below 5,300 points as the market fell more than 1.5 per cent.
Woodside, Oil Search and Santos were all under pressure as oil prices sank, while Origin Energy’s half year loss sent its shares to a seven-year low.
OptionsXpress analyst Ben LeBrun said it was a volatile session, mirroring this week’s large movements on China’s markets and following a weak session on Wall Street.
“It’s a day to forget in every shape or form, with broad based selling,” he said.
CMC Markets sales trader Betty Lam said a convergence of bad news sparked plenty of activity.
“The day’s trading volume has been plump with panic selling chalking up healthy turnover,” she said.
Origin dropped $1.29, or 13 per cent, to $8.60 as it posted a $658 million annual loss and flagged lower than expected earnings in the year ahead.
Woodside shed $1.17, or 3.6 per cent, to $31.69, Oil Search lost 28 cents, or 4.3 per cent, to $6.26 and Santos was 43 cents weaker, or 7.1 per cent, at $5.61.
BHP dropped 78 cents to $24.38, Rio Tinto shed $2.14 to $49.41 and Fortescue Metals was half a cent lower at $1.94.
Commonwealth Bank fell $2.12 to $76.15, Westpac dropped 51 cents to $32.20, NAB lost 54 cents to $32.04 and ANZ was 71 cents weaker at $29.13.
Coles owner Wesfarmers bucked the trend, gaining 48 cents, or 1.2 per cent, to $40.86 as its annual underlying profit rose to $2.4 billion.
Early gains by Qantas were quickly erased, despite posting its biggest underlying profit since the GFC, dropped 23 cents to $3.53.
KEY FACTS
* At the close on Thursday, the benchmark S&P/ASX200 index was down 91.6 points, or 1.7 per cent, at 5,288.6.
* The broader All Ordinaries index was down 84.3 points, or 1.57 per cent, at 5,295.5.
* The September share price index futures contract was down 111 points at 5,242, with 35,872 contracts traded.
* National turnover was 1.98 billion securities worth $6.8 billion.
