Investors wiped more than $60 billion off the Australian sharemarket on Tuesday as the ASX posted its biggest fall since Donald Trump’s Liberation Day tariffs announcement in April, amid global fears that share prices have run ahead of themselves in the frenzy around artificial intelligence.
Loading
The S&P/ASX 200 slumped 167.30 points, or 1.9 per cent, to 8469.10, hitting a five-month low as the tech sector dived 6.2 per cent and the heavyweight miners and banks, which make up more than half of the local bourse, suffered heavy lessons. The Australian dollar was down 0.2 per cent at US64.85¢ at 4.44pm AEDT. In the sea of red, James Hardie shares rallied after a profit upgrade.
The market’s two biggest sectors, banks and materials, were the second and third-biggest losers in Tuesday’s session. All big four banks finished lower, with CBA – the nation’s biggest stock – down 1.7 per cent. Westpac lost 3 per cent, National Australia Bank shed 2.1 per cent and ANZ Bank wiped out a small gain to trade down 0.9 per cent. “Millionaires Factory” Macquarie lost 1.7 per cent.
The nation’s top miners – iron ore giants BHP, Rio Tinto and Fortescue – were down 3.7 per cent, 2.7 per cent and 2 per cent, respectively. Rio said it would almost halve production at its Yarwun Alumina refinery as waste stockpile reaches capacity and the company seeks to cut cost while exploring ways extend the plant’s life.
Read the full market wrap here.
With AP, Bloomberg