Share market bounces back slightly after big fall
6:02 PM February 28
The Australian share market has fallen by almost 3 per cent, the biggest loss since the September 11 attacks.
The All Ordinaries index has lost 161 points to 5,816.
The ASX 200 has fallen 161 points to 5,832.
The drop in stocks was triggered by a fall in overseas markets sparked by China.
The Chinese stock market fell 9 per cent, the lowest level in a decade, following concerns the economy is slowing and that shares are overpriced.
In Australia, the stock market fell almost 3.5 per cent in the opening ten minutes.
It picked up slightly throughout the day, with analysts saying the fall in stocks is purely a correction after recent strong gains.
BHP Billiton and Rio Tinto lead the losses throughout the day, with both mining companies dropping about 5 per cent.
Woolworths was one of the only bright spots.
It has added 46 cents to $27.20 after announcing a strong half-yearly profit.
Australia's largest furniture and electrical retailer Harvey Norman announced a 37 per cent jump in first half profit, but it still shed nine cents to $4.35.
Smorgan Steel saw profits climb 25 per cent in the six months to December, but it still lost about 4 per cent to $1.91.
In commodities, spot gold has slid to $US670 an ounce.
A barrel of West Texas crude oil is $US61.5.
At 5pm AEST the Australian dollar was buying 78.8 US cents, 40 pence stirling, 93 Japanese yen and 59.6 euro cents. Source: ABC
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