THE market was awash with losses again today with the resource sector hit hard this morning – and the volatility shows no signs of slowing.
The S&P-ASX 200 hit a five-month low this morning, dropping another 1.59% to 5858.2 points in morning trade, with the All Ordinaries also dropping another 1.94% to 5866.3 points.
Offshore leads were overwhelmingly bearish with base metals prices falling across the board on the London Metal Exchange, Wall Street suffering and the Dow Jones Industrial Index also falling 207.61 points or 1.57% to 13,028.92 points.
In response, the Australian market wiped 3.37% or $1.21 off BHP Billiton's share price, sending it down to $33.85 by early afternoon trading. Rio Tinto fell 2.79% to $83.65, down $2.79.
Zinifex was one of the hardest hit mid-tiers, dropping some 7.3% or $1.24 to $15.73. Copper play Equinox Minerals lost 8.4% or 32c to $3.50, while nickel hopeful Mirabela Nickel fell 10.2% to $4.06, down 46c.
EL&C Baillieu Stockbroking research director Ivor Ries told MiningNews.net that the market falls in Australia following the Wall Street meltdown would continue in the immediate future.
TMR Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
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