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Australian share market slumps at Wednesday's close

Xinhua, April 29, 2015 Adjust font size:

The Australian share market fell badly at Wednesday's close with its biggest loss in almost five months.

A soaring Australian dollar and concerns about the nation's credit rating drove a heavy sell off in financial stocks.

At the market close the benchmark S&P/ASX200 index was 109.9 points, or 1.85 percent, lower at 5838.6, while the broader All Ordinaries index was down 103.3 points, or 1.74 percent, at 5818.2.

The close was the biggest one-day loss since the start of December.

Financial results were down 2.29 percent with the ANZ bank losing 1.86 percent, while the Commonwealth Bank of Australia went down by 2.17 percent. The National Australia Bank retreated by 2.4 percent.

In consumables Woolworths lost 1.95 percent, while Wesfarmers gave up 0.35 percent. Endi