Greek cri­sis hurts stocks

Townsville Bulletin - - NEWS -

MORE than $ 20 bil­lion has been wiped off the Aus­tralian stock mar­ket af­ter Greece shocked in­vestors with an over­whelm­ing re­jec­tion of aus­ter­ity mea­sures that could see the coun­try headed for a messy exit from the euro zone.

More than 60 per cent of peo­ple voted against harsh bailout con­di­tions in Sun­day’s ref­er­en­dum.

Aus­tralia was one of the first mar­kets to re­act to the news and both the S& P/ ASX 200 and All Or­di­nar­ies fin­ished the day about 1 per cent lower.

Mean­while, the Aus­tralian dol­lar slipped be­low 75 US cents for the first time since mid- 2009.

Ev­ery sec­tor of the Aus­tralian mar­ket fin­ished the day in neg­a­tive ter­ri­tory, with the ex­cep­tion of gold min­ers, which tend to do well dur­ing times of un­cer­tainty be­cause of the metal’s rep­u­ta­tion as a “safe haven” as­set.

Op­tion­sX­press mar­ket an­a­lyst Ben Le Brun said de­spite the slide, most in­vestors were tak­ing a wait- and- see ap­proach to the de­vel­op­ments in Greece.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.