Financial, mining, energy, industrial and healthcare stocks are mostly down with sharp losses. The benchmark S&P/ASX 200 index is down 73.2 points or 1.7 percent at 4,185. The broader All Ordinaries index is trading at 4,255, down 69.1 points or 1.6 percent from its previous close.
Among bank stocks, ANZ Bank, National Australia Bank and Westpac are down 1.7 to 1.8 percent, while Commonwealth Bank of Australia is trading lower by about 1 percent. Bank of Queensland is down as much as 2.7 percent, while Bendigo & Adelaide Bank, faring significantly better, is down just marginally.
Top miners BHP Billiton and Rio Tinto are down 2.2 percent and 1.5 percent respectively. Newcrest Mining is down 1.5 percent and Fortescue Metals is trading lower by 1.8 percent.
Iluka Resources is down by over 6 percent. Onesteel, Oz Minerals, Paladin Energy and Incitec Pivot are among the other prominent losers in the materials space.
In the energy sector, Oil Search is down 2.4 percent, Santos is trading lower by 1.8 percent, Woodside Petroleum is down with a loss of 1.2 percent and Origin Energy is losing about 1 percent. Caltex Australia is trading 2.5 percent down.
Downer EDI is down 5 percent. Boart Longyear, Panaust, Transfield Services, WorleyParsons, Leighton Holdings, Macquarie Group, Lend Lease and Boral are down 2.5 to 3.3 percent.
Telstra Corporation is down 0.6 percent. The company says strong and profitable growth in mobile and broadband customer numbers will offset a higher than expected fall in revenue from its Sensis business in the current financial year. The telco has reaffirmed its guidance of low single-digit percentage growth in revenue and earnings for the 2011-2012 financial year.
Brambles Ltd shares are up nearly a percent following an announcement from the company that it has signed an A$134.11 million service agreement with PepsiCo. The three-year agreement would generate A$44.70 million in sales revenue per year, the company said.
In the currency market, the Australian dollar opened lower amid lingering concerns about eurozone debt worries. In early trades, the Aussie was quoting at US$0.9985, down more than a percent from Thursday's close of US$1.0104. The Australian dollar is currently trading at 0.9985 to the U.S. dollar.
Among other markets in the Asia-Pacific region, Japan, New Zealand and South Korea are trading notably lower, while Malaysia is trading flat. Markets across the region turned in a mixed performance on Thursday
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