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Date Posted: 00:44:59 05/17/10 Mon
Author: May 17, 2010 4:44PM =lowest level since September 2009.
Subject: Fear drives Australian share market down 3pc at close

Fear drives Australian share market down 3pc at close
From: AAP
May 17, 2010 4:44PM
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THE share market closed sharply lower amid falling commodity prices and fears of of spreading contagion from debt-ridden Europe.

Heavy selling pressure in closing trade saw the major indices finish at their lowest level since September 2009.

At 16.15 (AEST) the benchmark S&P/ASX200 index was 143.9 points, or 3.12 per cent lower at 4467.2 points, while the broader All Ordinaries index had fallen 142.3 points, or 3.06 per cent to 4500.7 points.

On the Sydney Futures Exchange, the June share price index futures contract was 130 points lower at 4480 points, with 42,235 contracts traded.

Patersons Securities associate direct John Curtin said uncertainty was rife over whether last Monday's €750 billion ($1.05 trillion) bailout package would be enough to stabilise the debt position of southern European countries.

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Related Coverage
Shares dive, dollar caught in selloff The Australian, 14 minutes ago
Stocks close 'sharply lower' Courier Mail, 56 minutes ago
Stocks slightly higher on Wall St lead Perth Now, 5 Mar 2010
Stocks plunge on US, China worries The Australian, 22 Jan 2010
Market down on bank fears Courier Mail, 22 Jan 2010
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"Our market running into the close is trading at its lowest of the session,'' he said.

US futures were trading down by 1.5 per cent for most of the day, and a sell-off in commodity prices offshore also discouraged investors, he said.

"A lot of questions are now being asked about world economic growth with the euro zone being under so much debt.

"So that has negative impacts for any company going forward on earnings that relies on credit and world economic growth.''

"The currency is down - that's the short-term wholesale money voting with its feet and taking its money offshore.''

Lower commodity prices weighed heavily on the resources giants, with BHP Billiton falling $1.75 or 4.53 per cent to $36.89.

Rival Rio Tinto slumped $3.85 or 5.66 per cent to $64.15.

Among the banks, profit-taking pushed Westpac down $1.61, or 6.47 per cent to $23.28.

Westpac traded ex-dividend and Mr Curtin said the 65 cent interim dividend was responsible for around 40 per cent of the stock's fall.

Commonwealth Bank was also down $1.67 or 3.11 per cent to $52.04, ANZ lost 66 cents, or 2.89 per cent to $22.15 and NAB off 52 cents, or 2.05 per cent to $24.85. NAB is the only big bank still trading with dividend.

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