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Australia, NZ: Shares slump as oil woes sap confidence

Wednesday, February 3, 2016 - 13:58
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[SYDNEY] Australian shares fell the most in four months on Wednesday, joining a global retreat as sliding oil prices took a heavy toll on energy firms and fuelled worries about the health of the world economy.

[SYDNEY] Australian shares fell the most in four months on Wednesday, joining a global retreat as sliding oil prices took a heavy toll on energy firms and fuelled worries about the health of the world economy.

The S&P/ASX 200 index dropped 116.5 points, or 2.3 per cent, to 4,876.8, its lowest finish since Jan 21. It was the benchmark's biggest percentage drop since Sept 29, and it is down nearly 8 percent so far this year.

New Zealand's benchmark S&P/NZX 50 index fell 46.7 points, or 0.8 per cent, to finish the session at 6,133.4.

REUTERS