Uncertainty about Greece’s emergency debt talks has driven the Australian share market 1.5 per cent lower.
Greece has until early next week to strike a deal with its European creditors or risk defaulting on its debt.
Investors are uncertain about what to expect following recent false hopes of a resolution to Greece’s debt crisis, CommSec market analyst Tom Piotrowski said.
“What we have seen with the European debt crisis in recent years is that over weekends you can get some pretty left of field results that can negatively impact the market,” he said.
“Investors are very wary of what might eventuate over the weekend and this is dominating sentiment today.”
The S&P/ASX 200 and the All Ordinaries tumbled nearly two per cent during the day but have since made up some ground to finish about 1.5 per cent lower.
Among the weakest performers were the property stocks, with Mirvac down 4.65 per cent, or nine cents, at $1.845 and Stockland 2.34 per cent, or 10 cents, weaker at $4.18.
The major miners have been battered, with BHP Billiton down $1.01, or 3.54 per cent, at $27.50, Rio Tinto falling $1.55, or 2.79 per cent, to $54.08 and Fortescue Metals down 13 cents, or 6.13 per cent, at $1.99.
As for the banks, Commonwealth Bank shed 64 cents to $86.65, National Australia Bank fell 36 cents to $34.09, ANZ was down 34 cents at $33.10 and Westpac declined 30 cents to $33.01.
Flight Centre climbed 3.32 per cent higher, or $1.13, to $35.20 after recent share price falls following its profit warning earlier in the week.
Woolworths was another bright spot finishing nearly four per cent higher, or $1.01, at $27.39 amid speculation private equity firms are interested in the supermarket giant.
KEY FACTS
* At 1615 AEST on Friday, the benchmark S&P/ASX200 index was down 86.8 points, or 1.54 per cent, at 5,545.9 points.
* The broader All Ordinaries index was down 83.8 points, or 1.49 per cent, at 5,536.1 points.
* The September share price index futures contract was 66 points lower at 5,498 points, with 33,738 contracts traded.
* National turnover was 1.63 billion securities worth $7 billion.
