Afternoon update

The Australian share market hit it's lowest level since early 2004 Thursday, as the devastating slide in global equity markets continued.

The benchmark S&P/ASX 200 closed down 146.7 points or 4.2% to 3352.9 after falling as low as 3340.3. The index was down 23% in 11 days and 51% in 12 months. Volume worth more than A$4.9 billion was impressive considering the ongoing ban on the short-selling of financial stocks.

Resources, energy and banks did most of the damage, after the Dow Jones Industrial Average fell 5.1% overnight on weak economic data and concern about U.S. banks and car makers. Steep falls in Asian markets added to the pressure, with Tokyo closing down 6.9% Thursday after Japanese exports for October plunged by 7.7% on year, the biggest fall in seven years. Resources led declines in large caps, with BHP Billiton down 9.1% at A$21.10, Rio Tinto down 13% at A$57.25 and Woodside down 9.7% at A$30.65.

Banks also suffered, with Commonwealth Bank down 5.2% at A$29.31, ANZ down 5.9% at A$13.00, National Australia Bank down 4.4% at A$18.82 and Westpac down 4.0% at A$15.60. However, Suncorp rose 3.6% to A$7.15, amid speculation  amongst a number of market participants that it might again be talking to ANZ about a possible carve up of its banking and insurance operations. Suncorp and ANZ had no comment on such speculation. Macquarie Group rose 7.3% to A$27.00 after recent broker upgrades following its better-than-expected first half results and full year guidance.  QBE also outperformed, rising 2.1% to A$22.80 after falling sharply Wednesday.

Dow Jones Newswires