Aust stocks slump 1.5%

Local market follows Wall Street lower after downbeat Chinese industrial production data, continuing Russia-Ukraine jitters.

Downbeat Chinese industrial production data and fresh worries over the Russia-Ukraine situation weighed on the Australian sharemarket today, which followed Wall Street sharply lower.

At the 4.15pm (AEDT) official market close, the benchmark S&P/ASX200 index was 83.2 points, or 1.54%, lower at 5,329.4 points, while the broader All Ordinaries index fell 82 points, or 1.51%, to 5,347.1.

The ASX200 shed $23.25 billion in value today and also closed the week 2.4% lower.

United States President Barack Obama said overnight the nation would be "forced to apply costs" to Moscow if Russia continued an aggressive path in the Ukraine.

On Sunday, a referendum will be held to decide whether Crimea should join Russia, and any increase in tensions could weigh on markets.

IG market strategist Stan Shamu said risk aversion is accelerating ahead of an uncertain weekend.

"The yen and gold have been the destinations of choice," Mr Shamu said.

"This tension has kept investors on the sidelines and resulted in sharp drops in equities throughout Asia."

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles