Stocks Down, Down, Down

Illawarra Mercury

Wednesday January 23, 2008

BLUE-CHIP stocks plummeted, a major online broking website crashed and investors raced for the exit door as the Australian stock market suffered its worst one-day fall in more than 10 years, losing $96 billion.

Fears of a recession in the United States, and the likely downside effect on global economic growth, has panicked markets from London to China and prompted a repricing of stocks.

Treasurer Wayne Swan believes Australia can ride out the wave of turmoil that has swept the globe.

But brokers said the Australian market may have turned the corner into a bear phase.

? REPORTS PAGE 4

? BUSINESS: PAGES 44-45

THE DAMAGE

bhpbilliton

DOWN 6.88%

RIO TINTO

DOWN 11.6%

ANZ

DOWN 7.06%

NAB

DOWN 6.53%

ALL ORDS DOWN 408.9

© 2008 Illawarra Mercury

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