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Billions erased in sharemarket’s worst day in a year

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The Australian sharemarket has suffered its worst day since June last year as renewed worries about the strength of the global economy wiped about $33 billion off the value of the market.

At the close, the benchmark S&P/ASX200 index was down 106.9 points, or 2.3 per cent, at 4600.4, while the broader All Ordinaries index slumped 105.4 points, or 2.2 per cent, at 4683.2.

The size of the retreat is the most since almost 3 per cent was lopped off the market’s value on June 7, 2010.

All sectors closed in the red today, but losses were biggest among financials, down 2.6 per cent, and materials, which lost 2.3 per cent. Energy stocks also dropped 2.2 per cent, while industrials were 2.3 per cent lower.

Read more from The Age:  http://www.theage.com.au/business/markets/billions-erased-in-markets-worst-day-in-a-year-20110602-1fhh0.html#ixzz1O6YOlGvl

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