$50 billion vanishes from Aussie shares before lunch

All Ordinaries have fallen as much as  3.7 per cent since this morning.
All Ordinaries have fallen as much as 3.7 per cent since this morning.

THE Australian share market has lost more than $50 billion in value as a fresh crash in Chinese stocks drives heavy falls around Asia.

Within 15 minutes of trade opening, the benchmark ASX 200 index was down 2.6 per cent at 5,082, while the broader All Ordinaries matched that slide to 5,091.

However, it seemed that a few hardy 'bargain hunters' moved in after that, pushing the market back towards a more moderate 1.8 per cent slide by 11:18am (AEST), before a disastrous Chinese stock market open saw Australia's main indices head to an even worse 3.7 per cent slump.

By 12:49pm the ASX 200 was off 188 points to 5,026 and the All Ordinaries index was also down 3.6 per cent to 5,037.

The ASX 200 had already lost 1.4 per cent on Friday to close at 5,215 after a key index showed Chinese manufacturing had its sharpest contraction last month in more than six years.

Read more at ABC News

Topics:  business editors picks shares stock market stocks

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Recycling wrong? Big Brother is watching

ROOM FOR IMPROVEMENT: Acting Manager of Environmental Services, Leo Jensen said Southern Downs residents were doing a good job with their recyclables and encouraged them to keep up their efforts. But with more than 2 per cent of recyclables contaminated, there's room to improve.

Council uses cameras to watch what you're putting in your bin

WASTED OPPORTUNITY: Half our landfill could be recycled

MOVING MILLIONS: The current cell at the Warwick Waste Facility is nearing the end of its lifespan, and it will cost millions to replace.

Bad recycling habits cost rate payers millions in new rubbish cells.

Local Partners