Monday, May 7, 2012

Australian stockmarket tumbles as miners, oil companies face sell-off

THE stockmarket put in its worst one-day performance in nearly five months today, as US jobs data and European elections rattled confidence.

The benchmark S&P/ASX 200 index tumbled 2.2 per cent to 4301.30, a level not seen since April 17, as miners and oil companies took the brunt of the selling.

It was the worst one-day performance for the market since December 19, 2011, when shares dropped 2.4 per cent in a day.

The Australian dollar fell to $US1.0149, from $US1.0187 in late North American trading on Friday.

Asian markets also took a beating as Japan’s Nikkei Stock Average ended the day down 2.8 per cent, while US stock futures pointed to another day of sharp losses on Wall Street. Read More