PERTH: A sharp sell-off in energy stocks has pushed the Australian sharemarket down more than 1 per cent at noon amid lingering concerns over the Chinese economy and a flurry of local corporate earnings.
At 12.05pm (AEST), the benchmark S & P/ASX200 index was down 65.3 points, or 1.21 per cent, to 5314.9, while the broader All Ordinaries index lost 61.1 points, or 1.14 per cent, to 5318.7.
US stocks fell 1 per cent overnight, with petroleum-linked equities hit especially hard amid growing fears about the slowing Chinese economy.
The concern around China came despite the Shanghai exchange ending 1.2 per cent higher yesterday, with investors more worried by the swings than the closing mark. Stocks traded down around 5 per cent at one point yesterday after tanking 6 per cent in the prior session.
Oil prices were particularly hard hit, with US crude falling 4.3 per cent and global benchmark Brent losing 3.4 per cent.
