http://www.abc.net.au/news/2013-03-18/share-market-falls-on-cyprus-bank-woes/4579348
Share market falls on Cyprus bank woes
By finance reporter Rebecca Hyam
Updated 25 minutes ago
MAP: Australia
Australian shares are being sold off today, with local investors concerned about the impact a proposed bailout for Cyprus would have on the global economy.
As part of its $12.6 billion bail-out, the European Union has imposed a 9.9 per cent tax on deposits of more than 100,000 euros in Cypriot banks.
Smaller depositors will be hit with a 6.75 per cent levy on their savings.
At 11.30am (AEDT), the All Ordinaries Index was down 68 points to 5,061, and the ASX 200 was 70 points, or 1.4 per cent, lower at 5,051.
The local banking sector has been hit particularly hard.
NAB was down 65 cents to $30.65, Westpac was 1.7 per cent lower, Commonwealth Bank shares were down 73 cents to $69.45 and ANZ had lost 1.4 per cent.
The big miners were also out of favour, with BHP Billiton down 1.8 per cent to $34.91, and Rio Tinto also losing 1.8 per cent to $60.20.
Telstra had bucked the broader downward trend, with gains of 0.3 per cent.
Retail and consumer shares have not been performing well.
Woolworths was down 2.5 per cent to $35.16, and struggling surfwear company Billabong was 1 per cent lower.
The Australian dollar had eased in line with the share market, and was buying 103.59 US cents.
