Australian shares slump, wiping out $30 billion

Australian shares have slumped to five-and-a-half-week lows, wiping out more than $30 billion, as investors sell out across major sectors on global fears that Britain may exit the eurozone.    

Shares among the big four banks led the losses: the Commonwealth Bank of Australia lost 2.7 per cent to one-and-a-half-month lows of $73.45, while Westpac tumbled 2.4 per cent, ABC reports.

The move followed overnight leads, after Wall Street fell for a third straight session, while European shares hit a three-month low.

"The fragility of global markets has been exposed over the last few sessions," said Gary Huxtable, client adviser at Atlantic Pacific Securities.


NAMED: Case of man accused of child porn delayed

Premium Content NAMED: Case of man accused of child porn delayed

“This matter has been around in excess of 12-months..."

Livestock transporters set to celebrate 40 years in Roma

Premium Content Livestock transporters set to celebrate 40 years in Roma

Members of the Livestock and Rural Transporters Association of Queensland will meet...

Thousands up for grabs at upcoming Roma Picnic Races

Premium Content Thousands up for grabs at upcoming Roma Picnic Races

After a pandemic-induced hiatus last year, the Inky & Moss Fashions on the...