July low for Oz stocks

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Australian stocks sank yesterday to their lowest point in July after a sharp sell-off on renewed concerns over the carbon tax and international debt woes. The benchmark S&P/ASX200 index closed down 86.9 points, or 1.9 per cent, at 4495.4, while the broader All Ordinaries index fell 83.3 points, or 1.79 per cent, to 4563.5.

Almost A$25 billion was wiped from the Australian sharemarket in the worst trading day this month.

Austock Securities senior client adviser Michael Heffernan said international debt concerns coupled with the fallout from the carbon tax sent the market into the red. He said Australian stocks slid further into negative territory throughout the day with airlines, energy and steel companies among the worst performers.

Virgin stocks dropped 3c to 31c, while Qantas lost 9.5c to A$1.84.

BHP Billiton lost 84c to A$43.46 and Rio Tinto fell A$1.77 to A$81.43. Macquarie Group was down A$1.81 at A$28.22. National Australia Bank dropped 92c to A$23.88.

-AAP