Further slumps in oil prices have seen the Australian share market once again down, following Wall Street.
The benchmark WTI price declined about 5 per cent to over $US46 a barrel. The slump echoed in Asia's benchmark Tapis crude price, which has fallen below $US50 a barrel for the first time since 2009, to $US48.88. The slump has continued to drag Australian energy companies lower, given that gas prices and contracts are benchmarked to crude oil.
Oil Search was off more than 2 per cent, Woodside 1.75 per cent and Santos 1 per cent to $7.21.
Iron ore traded little better, with the key Chinese Tianjin spot price back below $US70 a tonne, at $US68.50. That dashed hopes of a bottom in the market, and saw small miners like Atlas smashed - it was down 11 per cent to 20 cents.
Fortescue was off more than 5 per cent, while the two low-cost big players, BHP Paribas and Rio Tinto, fell a little less than 2 per cent.
The major banks generally failed to offer support, with three of the four falling.
The Commonwealth was worst, down 0.4 per cent, while Westpac posted a mere six-cent gain to $33.40.
The retail sector was mixed, with Woolworths down and Wesfarmers a little higher, and JB Hi-Fi up 1.7 per cent while Myer fell the same amount.
Airlines benefited from the fall in oil, with Virgin climbing 3.5 per cent and Qantas almost 1 per cent on cheaper jet fuel prices.
Another bulwark against bigger falls was Telstra - the market heavyweight telco was up 1.2 per cent to $6.11.
Gold miner Newcrest also rose nearly 4 per cent as the precious metal jumped to $US1,235 an ounce.
The Australian dollar held its ground, fetching 81.6 US cents and 69 euro cents just after 5:00pm (AEDT).
