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Wednesday, May 16, 2012

Australian Shares tumble on Greece concerns

Australian stocks have closed at a two-month low, after one of the worst trading days of the year.

Local markets took their lead from much weaker European and US markets overnight, which dropped on renewed worries about the euro zone, amid fresh expectations about Greece's inability to form a government.

At the close on Wednesday, the benchmark S&P/ASX200 index was down 100.8 points, or 2.36 per cent, at 4,165.5, while the broader All Ordinaries index was down 101.6 points, or 2.35 per cent, at 4,214.7.

Miners lead the falls with BHP and RIO both shedding more than a dollar in value. Not many where spared in the carnage with big falls from many of the heavyweights bringing the market's losses this month to about $75 billion. Read More