Stock market gutted over Euro fears
AUSTRALIAN shares dived nearly 3 per cent this morning after fresh fears about the stability of Italy and Greece deepened the eurozone debt crisis overnight.
A spike in Italian bond yields was the catalyst for heavy selling on Wall Street and European markets overnight, and the local market has followed suit.
The benchmark ASX 200 was down 126 points to 4,220 and the All Ordinaries Index was off 122 points to 4,285 at 10:45am (AEDT).
Banking stocks have been hardest hit, and the fact that ANZ and NAB are trading without their dividends is not helping.
ANZ was down 5.5 per cent to $20.57, NAB was down 5.4 per cent to $24.40, Westpac has lost 3 per cent to $20.90 and Commonwealth Bank was 2.3 per cent lower at $48.80.
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