BY 10:30am the ASX200 had slumped almost 2% to 4609, following the negative lead of Wall Street downwards.
The small ordinaries index was hardest hit, dropping 2.5% while the information technology and defensive Consumer Staples indices were more robust, only losing .3% and .5%
The banking sector was hit hard with Macquarie Group “(ASX:MQG)”:http://www.cxo.com.au/articles/tag/Macquarie%20Group/ leading the charge down $2.52 to $55.30 – a drop of over 4%. ANZ was down 70c to $23.40, the Commonwealth Bank was down $1.04 to $49.86 and the National Australia Bank was down 58c to $29.79
Mining giant “BHP”:http://www.cxo.com.au/articles/tag/BHP%20Billiton/ was down $1.05 to $36.15 and Rio Tinto was down $1.73 to $57.17
Wesfarmers bucked the negative trend rising 25c to $26.07 on news that Woolworth’s foray into hardware may be hamstrung by a lack of scale.