All Ords suffers morning slump

Credit crisis fears have hit the Australian share market, dragging the All Ordinaries index below 5,000 points for the first time in nearly two years.

Around 11:45am AEST the index had recovered and was at 5,016, down 74 points from yesterday's close.

The ASX 200 shed 1.5 per cent to 4,935.

CSR had fallen 13.4 per cent to $2 after disappointing the market with its latest earnings forecast.

The banks have been reversing yesterday's gains: ANZ was down 3.1 per cent to $18.22.

BHP Billiton was 2 per cent lower at $39.17 despite stronger base metals prices.

The Australian dollar had jumped as much as 0.6 cents in the wake of the better-than-expected unemployment figures.

Around 11:45am AEST it was worth 95.96 US cents.

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Thu 10th July 2008 - 12:17pm