Aus­tralian share mar­ket tum­bles amid threat of Greek exit from eu­ro­zone

STOCK WATCH

Kalgoorlie Miner - - BUSINESS -

Al­most $40 bil­lion were wiped off the Aus­tralian share mar­ket yesterday as in­vestors braced for a pos­si­ble Greek debt de­fault and exit from the eu­ro­zone.

The S&P/ASX 200 and All Or­din- aries fin­ished the day more than 2 per cent lower in one of the worst falls in the past two years.

Height­ened fears of a Greek de­fault and its pos­si­ble exit from the euro mon­e­tary union sparked a risk-off sen­ti­ment, Aus­tralian Stock Re­port head of re­search Chris Con­way said. “In­vestors and traders alike have wanted to sell down risk and move to the side­lines,” he said.

Aus­tralia’s ma­jor banks all tum­bled by at least 2 per cent, with ANZ and West­pac suf­fer­ing the heav­i­est falls of about 3 per cent. ANZ dumped $1.03 to $32.07, West­pac de­clined 99 cents to $32.02, Com­mon­wealth Bank fell $1.96 to $84.69 and Na­tional Aus­tralia Bank was down 89 cents at $33.20.

As for the ma­jor min­ers, BHP Bil­li­ton was down 55 cents at $26.95, Rio Tinto shed 79 cents to $53.29 and Fortes­cue Met­als was six cents weaker at $1.93.

Gold stocks fin­ished in pos­i­tive ter­ri­tory with Newcrest up 15 cents at $13.12, OceanaGold up 21 cents at $3.35 and Evo­lu­tion Min­ing up 4.5 cents at $1.205. AAP

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