The Australian stock market has shed more than $100 billion as it sinks to its lowest level in over a year as
coronavirus spreads around the globe.
The benchmark S&P/ASX200 was down 314.2 points, or 5.05 per cent, at 5,902.0 at 10.46am AEDT.
The broader All Ordinaries index fell 319.9 points, or 5.09 per cent, to 5,967.6, with both major indexes at their lowest levels since February last year.
Today's losses extend the market's decline to $426 billion since February 20.
The largest falls were felt in the energy sector, which was down over 16 per cent, after oil prices suffered their largest one day dive in more than 11 years on Friday, as Russia, and OPEC split on a proposal to cut production to stabilise prices.
ASX plunges on opening as coronavirus spreads