The Australian share market has lost almost $140 billion in Monday’s trade, amid the economic fallout from the coronavirus and an oil price war. Key points: Analysts have said this has been the worst trading day in Australia since November 2008 The Australian dollar briefly dipped to 63 US cents — its lowest point since the GFC Oil stocks have fared the worst, while investors have turned to gold as a safe haven At the same time, the Australian dollar briefly tumbled to just above 63 US cents — the lowest level since the global financial crisis — in what currency strategists have called a “flash crash”. Overall, it has been the worst day of trade since October 2008, when the GFC took a turn for the worse, and the rout is hammering share portfolios and superannuation balances. The share market tumbled more than 5 per cent in early trade but plummeted again over lunchtime. But stocks tumbled further at the close with the ASX 200 index losing 7.3 per cent or 456 points to close at 5,761. That is a paper loss on Monday of $137 billion, with $413 billion lost since the market’s record high on February 20… Read full this story
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