All Ords savaged in early trade
Australian stocks have been battered this morning as the local bourse follows the journey south of the US stock markets.
Australian stocks have been battered this morning as the local bourse follows the journey south of the US stock markets.
Earlier today, the All Ordinaries was down nearly 7 per cent before recovering to about 5 per cent below Friday’s close just before midday.
Stock markets in New Zealand, Singapore and South Korea have also been battered this morning by the loss of confidence in the US which caused a stampede last Friday. The Dow lost 616.78 points (or about 5 per cent) to close at 10,305.77, while the Nasdaq composite sank nearly 10 per cent (or 356.7 points) to close at 3,320.02.
Local technology stocks crashed in early trade, with some losing more than 40 per cent of their value. Sausage Software, eisa, Reckon and Open Telecommunications were some of the worst hit, losing nearly 30 per cent of their value in less than an hour of trading.
AUTHOR
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
