Local stocks ended in the red today, as a tumble on the Chinese share market saw investors bail out of banking and mining stocks. The All Ordinaries Index (XAO) fell 23.8pts or 0.5pct to 4829.2 while the S&P/ASX 200 Index (XJO) eased by 26.5pts or 0.6pct to 4736.6.

The financial sector was amongst the worst performing, easing by 0.8pct. Shares in Westpac (WBC) fell 2.3pct to $22.66 while the ANZ (ANZ) dropped 1.3pct to $23.28 and the NAB (NAB) fell 0.9pct to $23.93. Shares in the Commonwealth Bank (CBA), bucked the trend, rising 0.1pct to $50.73. Macquarie Group (MQG) dropped by 0.8pct to $37.19.

Mining stocks were also affected by the China slump, despite trading higher early in the session due to firmer commodity prices. Shares in BHP Billiton (BHP) dropped 0.5pct to $44.82 while Rio Tinto (RIO) eased by 0.2pct to $85.45. Fortescue Metals Group (FMG) slumped 1.6pct to $6.67 and Newcrest Mining (NCM) eased by 0.9pct to $40.39.

Santos (STO) was one of the best performers, rising 4.1pct to $13.50 and boosting the energy sector by 0.3pct. STO has successfully tapped the market for $500 million and also today announced that its US$100 million gas project offshore East Java in Indonesia has been approved for development by its joint venture participants.

Ramsay Health Care (RHC) added 4.6pct to $17.40 on a profit upgrade. Australia’s largest private hospital operator said strong business at its UK and Australian operations, coupled with lower than anticipated interest rates, would see its 1H11 profit rise by 28pct and FY11 profit increase by 22-24pct.

Qantas (QAN) shares dropped by 1.9pct to $2.57 as a heavy snowstorm forced the closure of London’s Heathrow airport, delaying flights.

Consultant engineer Coffey (COF) fell 8.4pct to $1.04 after the company slashed its earnings forecasts and announced job cuts.

Wealth manager Perpetual (PPT) dropped 14.8pct to $31.54 after takeover talks with private equity firm Kohlberg-Kravis-Roberts fell over.

The Australian dollar ended the day’s trade at US98.69c, £0.6362 and €75.04c.

On the market overall, a total of 2.12 billion shares were traded, worth $4.35 billion. 495 were up, 630 were down and 374 were unchanged.

At 4.30pm AEDT on the ASX24, the March futures contract was at 4728, down 31pts.

There is no economic data scheduled for release in the US tonight.

More from IBT Markets:

Subscribe to get this delivered to your inbox daily

Follow us on Twitter.

Follow us on Facebook.