The Australian share market has slipped to its lowest level for more than two years after the benchmark ASX/S&P 200 index suffered its sixth successive day of losses.
After a volatile day’s trading on Tuesday, the index closed down 0.39%, or 19 points, at 4,909.6 points, its lowest point since July 2013.
Investors will be hoping for strong overnight leads from Europe and the US to boost the Australian market when it opens again on Wednesday. The ASX200 has not seen seven straight days of losses since 2010.
The major banks gave up earlier gains to drag the market lower later in the day, while oil and resource stocks continued on their bearish streak. BHP Billiton lost another 2% to touch fresh 10-year lows as the plunge in commodity prices weighed heavily on the world’s biggest mining company.
Brent crude, the global oil benchmark, was at $37.77 shortly after 6pm AEDT, down 15 cents from its last settlement after rising slightly earlier in the session.
