Resource stocks have dragged the sharemarket down by more than one per cent as commodity prices take a fresh drubbing.
In the wake of its production guidance review announcement and Brazillian mine disaster, BHP Billiton’s share price fell more than 3.5 per cent while rival Rio Tinto also retreated 2.81 per cent.
The China port price of iron ore slumped by two per cent to $US47 a tonne overnight while the late price for gold on the London Metals Exchange was down by 1.5 per cent to $1,088.90 an ounce.
The gold miners were among the biggest losers, with Evolution Mining and Newcrest Mining slumping more than six per cent.
The banks were also in negative territory with worst performer ANZ down by 1.5 per cent.
KEY FACTS
* At 1205 AEDT on Monday, the benchmark S&P/ASX200 index was down 66 points, or 1.27 per cent, at 5,1949 points.
* The broader All Ordinaries index was down 61.9 points, or 1.17 per cent, at 5,207.8 points.
* The December share price index futures contract was down 78 points at 5,144 points, with 16,327 contracts traded.
* At 1225 AEDT, national turnover was 1.5 billion securities worth $1.9 billion.
