SYDNEY: The Australian sharemarket was deep in the red at noon, weighed down by broad weakness in the financial sector on the back of disappointing profit results.
At 12.05pm (AEST), the benchmark S & P/ASX200 index lost 93.3 points, or 1.6 per cent, to 5733.2, while the broader All Ordinaries index was down 87.9 points, or 1.51 per cent, at 5728.3.
Further weakness in the financial sector, prompted this time by the Commonwealth Bank’s soft results, sent the sharemarket reeling today.
Just before noon, the market touched a deep intraday low, losing 110.9 points, or 1.94 per cent, before paring some losses towards midday.
