The five percent surge of the local shares in Australian stock markets was seen as the biggest one day fall both for the major and minor stock exchange indices as it wiped $56 billion from the value of stocks listed on the local bourse. Australian stock market is one of the local markets that directly affected by the global financial turmoil.
The retailers were also weaker, with Woolworths giving up $1.15 to $27.60, Wesfarmers retreating $2.01, or 7.37 per cent, to $25.25, David Jones shedding 18 cents to $3.48 and Harvey Norman dropping 15 cents to $2.78.
The energy sector was lower,as the world price of crude fell below $US90 a barrel, with Woodside falling $2.85. or 6.06 per cent, to $44.20, Santos losing $1.44 to $15.31 and Oil Search shedding 28 cents to $4.45.
Nexus Energy dropped 32.5 cents, or 29.82 per cent, to 76.5 cents after Japanese group Mitsui terminated the purchase of part of the Crux liquids project in WA, casting doubt over its development timeline.
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