Aussie shares fell sharply today, following the dismal lead from overseas markets overnight.
At home economic data delivered mixed results. Business conditions rebounded in the month of November according to a NAB business survey.
According to the survey the business condition index rose to +1 for the month, after a zero reading in October.
The business confidence index stayed steady at +2.
However housing starts failed to impress. The ABS released figures that showed starts fell 6.8% in third quarter, this coming in well below economists’ expectations of a 2% rise.
Today’s losses came on the back of weakness in the big four banks; NAB was the worst, dropping 2.5%.
The big miners struggled amid weaker commodities; BHP declined 1.9%, whilst Rio Tinto let go of 2.1%.
Elsewhere in the resource sector, Aquarius Platinum had 8.8% wiped off its share price on the back of more concerns over its project in Zimbabwe.
The ASX 200 slumped 59 points (-1.4%) to close the day at 4193.
