Australian stocks dive for a third session; Wednesday 26 Feb

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Derek Rose
(Australian Associated Press)

 

A third straight day of monster losses for the Australian share market has come close to wiping out the local bourse’s phenomenal gains since the start of the year.

The benchmark S&P/ASX200 index finished Wednesday down 158.5 points, or 2.31 per cent, at 6,708.1, while the broader All Ordinaries index plunged 163.1 points, or 2.35 per cent, to 6,709.7.

The ASX200 index has lost 431 points – or six per cent – this week, taking it back to levels not seen since January 6 and leaving it up just 24 points, or 0.4 per cent, on the year.

The Australian dollar meanwhile was trading near a 11-year low of 65.93 US cents, down from 66.12 US cents on Tuesday.

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