"EDMOND ROY: The Australian share market has recorded its biggest fall
this year, with the major miners and banks again sold-off heavily.
Bank shares dropped further after ANZ's chief executive Mike Smith said global funding markets had frozen for Australian banks due to the financial turmoil.
The latest turmoil on the markets has been caused by growing concerns about the health of Spanish banks, and the political instability in Greece.
I'm joined in the studio now by our business reporter Michael Janda, who's been watching the market's actions.
How big was the fall today?
MICHAEL JANDA: Well Ed it was more than $30 billion that was wiped off the Australian sharemarket with the All Ordinaries down 2.6 per cent to 4,099, that's the lowest level in about six months.
The ASX 200 down a similar amount to 4,047.
This week's fall has seen more than 5.5 per cent wiped off the Australian sharemarket; around $100 billion worth of value wiped off the market in the month of May so far and no signs of a turnaround at the moment.
And the three causes for today's rapid decline were ... (continues)..."
Source:
http://www.abc.net.au/pm/content/2012/s3506186.htm
The White Rabbit suggests you RAID those CHEAP MINERS (gold and silver PRODUCERS only).
Nothing like a GROWING income streams, bought on the CHEAP!
Listen to the audio for the REAL basics of investing when a collapse is on! ;) Basics Rules keeps
#RaidingRabbit
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Bank shares dropped further after ANZ's chief executive Mike Smith said global funding markets had frozen for Australian banks due to the financial turmoil.
The latest turmoil on the markets has been caused by growing concerns about the health of Spanish banks, and the political instability in Greece.
I'm joined in the studio now by our business reporter Michael Janda, who's been watching the market's actions.
How big was the fall today?
MICHAEL JANDA: Well Ed it was more than $30 billion that was wiped off the Australian sharemarket with the All Ordinaries down 2.6 per cent to 4,099, that's the lowest level in about six months.
The ASX 200 down a similar amount to 4,047.
This week's fall has seen more than 5.5 per cent wiped off the Australian sharemarket; around $100 billion worth of value wiped off the market in the month of May so far and no signs of a turnaround at the moment.
And the three causes for today's rapid decline were ... (continues)..."
Source:
http://www.abc.net.au/pm/content/2012/s3506186.htm
The White Rabbit suggests you RAID those CHEAP MINERS (gold and silver PRODUCERS only).
Nothing like a GROWING income streams, bought on the CHEAP!
Listen to the audio for the REAL basics of investing when a collapse is on! ;) Basics Rules keeps
#RaidingRabbit
Tweet
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