THE Australian share market has ended a horror week down more than eight per cent Friday in a session that wiped $106 million from the value of stocks.
It's the biggest percentage drop on the Australian stock exchange in 21 years.
It followed the seventh straight session of losses on Wall Street which plunged overnight to a fresh five-year low amid rekindled fears of a looming global recession caused by the credit crisis.
The ASX200 index was down 360.2 points, or 8.34 per cent, at 3,960.7 while the broader All Ordinaries index fell 351.9 points, or 8.2 per cent, to 3,939.4.
That'sits biggest fall since 20 October 1987 when it dropped almost 25 per cent.
National Australia Bank plummeted $2.93, or 12.35 per cent, to $20.80 after saying it would vigorously defend a shareholder bid to dump a board member for failing to oversee risks associated with the bank's $4.5 million in toxic debt instruments.
Commonwealth Bank was down $2.85, or 6.72 per cent, to $39.55, ANZ had lost $1.35, or 8.11 per cent, to $15.30, Westpac had shed $1.31, or 6.09 per cent, to $20.19 and its takeover target St George Bank had dropped $2.45, or 8.86 per cent, to $25.19.
At 1624 AEDT, spot gold was trading in Sydney at $US913.00 an ounce, up $US4.30 on yesterday's close of $US908.70.
Among safe-haven gold stocks, Newcrest had fallen $1.06, or 3.97 per cent, to $25.64, Newmont had lost 20 cents, or 3.85 per cent, to $5.00 and Lihir Gold was down 15 cents, or 5.68 per cent, at $2.49.
Oil prices closed at their lowest level in a year overnight even though OPEC signalled it may cut production to stop the price drop.
Among the oil and gas producers, Woodside Petroleum was down $4.72, or 11.26 per cent, at $37.20, Oil Search had plunged 75 cents, or 18.07 per cent, to $3.40 and Santos had lost $1.76, or 12.48 per cent, to $12.34.
Making headlines today, OZ Minerals, the world's second largest zinc producer, said it was "optimistic" about the demand for commodities in the mid to longer term.
OZ Minerals' shares were down 21 cents, or 17.14 per cent, to $101.50.
The National Offshore Petroleum Safety Authority report into the Varanus Island gas plant explosion in Western Australia and found the US-based operator Apache Energy Ltd had failed to properly inspect and monitor the plants 100km pipeline leading to the mainland.
AAP
