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The Australian stock market finished in a sea of red today - closing more than two per cent weaker - dragged down by a steep drop in US equity markets on Friday following the release of higher than expected unemployment figures.
The benchmark S&P/ASX200 index was down 145.2 points, or 2.3 per cent, at 6161.6, while the All Ordinaries was down 145 points, or 2.27 per cent, to 6240.4.
On the Sydney Futures Exchange, the March share price index contract was 141 points, or 2.22 per cent, weaker to 6202 on a volume of 19,959 contracts at 1621 AEDT.
CMC Markets senior dealer Dominic Vaughan said Macquarie Bank and Leighton Holdings were among the hardest hit today, while Graincorp and junior gold miner Ramelius Resources were among the few companies ending the day in the green.
Macquarie closed A$1.81, or 2.47 per cent, lower to A$71.39 and Leighton was A$3.02, or five per cent, weaker to A$57.36 while GrainCorp had gained 35 cents, or 3.5 per cent, to A$10.35.
Ramelius was four cents, or 2.99 per cent, stronger to A$1.38 on news it has poured one tonne of gold at its Wattle Dam gold mine in Western Australia to date.
Flight Centre also closed stronger, up 34 cents, or 1.1 per cent, to A$31.37.
US markets were hammered on Friday amid fears of a US recession. The Dow Jones industrial average had plunged 256.54 points to 12,800.18, the Standard & Poor's 500 Index had dropped 35.53 points to 1,411.63 and the Nasdaq had shed 98.03 points to 2,504.65.
"Any (local) stock with US exposure is down significantly," Mr Vaughan said.
"There are question marks over US consumption and the US economy ... and we've copped it badly today: the market is nervous and we're expecting further falls over the next three months.
"Domestically, we're still to a degree building in an interest hike but we'll be looking at our employment numbers now and also our CPI inflation numbers, which will be critical for our market."
Base metal prices on the London Metals Exchange fell on Friday, which pulled the big miners lower.
BHP Billiton closed 83 cents, or 2.03 per cent, softer to A$40.02 while its takeover target Rio Tinto had shed A$2.90, or 2.2 per cent, to A$129.17.
Oil prices fell by A$1.27 to USA$97.91 a barrel on Friday, dragging down local energy stocks today.
Woodside Petroleum had shed 80 cents to A$51.37, Oil Search had lost 16 cents to A$4.90 and Santos had fallen 25 cents to A$14.55.
The spot gold price in Sydney was at US$856.20 per fine ounce, down US$8.00 from Friday's close of US$864.20 per fine ounce.
Newmont closed 11 cents weaker to A$5.97, Newcrest had shed 79 cents to A$36.22 and Lihir Gold finished 18 cents lower to A$3.73.
The banks were down significantly. The National Australia Bank was A$1.03 lower to A$36.30, ANZ had lost 72 cents to A$26.69, Westpac was 49 cents lower at A$27.15 and Commonwealth Bank had shed 84 cents to A$57.20.
In the news today, Westfield Group, the world's largest retail property group by market capitalisation, said it would jointly develop and operate a USA$1.45 billion (AA$1.65 billion) retail project in New York on the former site of the World Trade Center.
Westfield shares had lost 52 cents to A$19.29.
Qantas Airways shares fell 16 cents to A$5.28 after it said it has lifted its fuel surcharge on international tickets, resulting from the increased cost of fuel.
Shares in Perth-headquartered land syndicator, and asset and fund manager Peet Ltd finished two cents higher to A$3.91 after it launched its wholesale funds management business with the completion of a A$300 million wholesale land syndicate.
Also making news was Coffey International, which has bought US-based Management Systems International Inc for US$25 million (A$28.4 million), sending Coffey's shares one cent higher at A$3.81.
The media sector was weaker. Consolidated Media Holdings had dipped 12 cents to A$4.17, News Corp had shed 50 cents to A$22.73, its non-voting scrip was 49 cents cheaper at A$22.18 and Fairfax was six cents lower at A$4.57.
As for the retailers, Woolworths was down 47 cents to A$33.18, Coles owner Wesfarmers shed 76 cents to A$40.01, Harvey Norman had dropped 27 cents to A$6.50 and up-market department store chain David Jones was 21 cents softer to A$5.22.
The top traded stock today was Gondwana Resources with 365.94 million shares changing hands worth A$15.3 million.
The gold explorer's stock was up 1.5 cents, or 48.39 per cent, to 4.6 cents.
Overall market turnover was 1.637 billion shares worth A$4.629 billion with 294 stocks up, 1,011 down and 309 unchanged.
- AAP
