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Worst day for BHP since 2008 as market plummets

2016-02-24 08:09:09| Agriculture - Topix.net

A savage reversal in the recent commodities rally hit Australian shares hard on Wednesday despite some solid earnings results, as investors punished the big four banks and BHP endured its worst day since 2008 with a massive 8.2 per cent fall. A decline on Wall Street plus a 5 per cent drop in Brent crude oil to $US32.94 per barrel brought the market down from the onset, with the benchmark S&P/ASX 200 index continuing to slide in the session to finish 104 points, or 2.1 per cent, lower at 4875.0 while the broader All Ordinaries index slipped 1.9 per cent to 4943.3. "It's the same concerns emerging about global growth," said Macquarie division director Martin Lakos.

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