Mining giants take a blow

The Australian Stock market suffered its worst day since 1987 on Friday 10 October.

The Australian Stock market suffered its worst day since 1987 on Friday 10 October.

According to a report by the Herald Sun, panic selling wiped almost $100 billion from the market.

The Australian dollar hit a low of US 66c, Wall Street shares plunged nearly 10% in 10 minutes and the Dow Jones Industrial Average lost nearly 700 points.

The Australian market has fallen 43 per cent since its peak last November — wiping more than $680 billion from investor and superannuation accounts.

The market has been led downwards by mining giant BHP Billiton and the big banks, with only 24 out of the almost 500 stocks on the All Ordinaries rising on Saturday.

Despite co-ordinated interest rate cuts by the world’s biggest central banks, and the US Congress’ $US700 billion bailout, global markets have erased $US4 trillion this week.

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