Fears spark selloff

Ongoing concern about the health of China's manufacturing sector triggered a heavy selloff on the sharemarket. The benchmark S&P/ASX 200 plunged 92.3 points, or 1.9 per cent, to 4710.3. The All Ordinaries dropped 85.7 points, or 1.8 per cent, to 4689.7. It was the worst financial-year start since 2009-10, wiping more than $25 billion off market value.