The Australian Market Down After A Terrible Weekend.
The benchmark ASX 200 has dropped back below 5000 and is approaching the lows reached late September as further falls in commodity prices and the shock of the Paris terrorist attacks hits the ASX.
The big banks – a preferred way for foreigners to play the Aussie market – have taken a hit and are leading the falls, with the top 200 measure down 68 points at 4983. Only 15 stocks in the index are trading up.
CBA is down 1.3 per cent, ANZ 1.9 per cent, Westpac 1.4 per cent and NAB 1.6 per cent.
BHP is 1.1 per cent lower at $20 at the latest reading, while Rio is off 1.9 per cent. The supermarket owners, Woolies and Wesfarmers, are down around 1.5 per cent and Telstra 1.2 per cent.
Among the winners are the gold miners, presumably as investors buy producers of a commodity typically linked to outperformance during times of high uncertainty. Newcrest is up 2.8 per cent.
Tatts Group is 3.2 per cent higher as the company confirmed failed merger talks with Tabcorp, which is off 2.6 per cent.