The Australian sharemarket slumped in early trade today after receiving a weak lead from global markets overnight.

The All Ordinaries index lost 83.3 points, or 1.7 per cent, at 4705.3. All sectors are currently lower, with the financials, miners and energy stocks the worst.

The four major banks are down, and all of the big four - apart from the Commonwealth - went ex dividend.

National Australia Bank (NAB) was worst hit, down 5 pct or $1.36 to $24.71 after going ex-dividend. Traders would have had to purchase NAB shares no later than yesterday and held them up until at least today to be eligible to receive their next distribution to shareholders. NAB is paying out an 84 cent a share dividend on July 6.

Commonwealth was down 82 cents at $49.54, Westpac had lost 37 cents at $21.58 and ANZ was 46 cents lower at $21.54.

Both major miners were more than 1.5 per cent lower. BHP Billiton was down 70 cents at $43.83, while Rio Tinto was down $1.35 at 80.20.

Australia’s largest miners are not being spared from the falls, with sector more than 1.5 per cent lower.

Resource giant BHP Billiton (BHP) down 70 cents at $43.83 while RIO Tinto (RIO) is pulling back by $1.35 at 80.20.