Australian shares slump, wiping out $30 billion

Australian shares have slumped to five-and-a-half-week lows, wiping out more than $30 billion, as investors sell out across major sectors on global fears that Britain may exit the eurozone.    

Shares among the big four banks led the losses: the Commonwealth Bank of Australia lost 2.7 per cent to one-and-a-half-month lows of $73.45, while Westpac tumbled 2.4 per cent, ABC reports.

The move followed overnight leads, after Wall Street fell for a third straight session, while European shares hit a three-month low.

"The fragility of global markets has been exposed over the last few sessions," said Gary Huxtable, client adviser at Atlantic Pacific Securities.



Ice cool Boutier in charge at Bonville

Ice cool Boutier in charge at Bonville

French golfer builds five stroke lead in Australian Ladies Classic.

Jetty to be transformed: Plan to demolish Forestry buildings

Jetty to be transformed: Plan to demolish Forestry buildings

Owners seek approval to clear Forestry site for development

Quinn's cup speech quick off the mark

Quinn's cup speech quick off the mark

Coffs Harbour's ARC winning rally driver's speech brings house down.

Local Partners