The local share market has farewelled its Santa rally, plunging as traders take profits after five weeks of gains that left the index just five points away from its all-time high.
The benchmark S&P/ASX200 index on Wednesday fell 83.6 points, or 1.37 per cent, to 7,523.2 - its worst loss in percentage terms since a 1.69 per cent drop on July 7, and erasing nearly all of its gains since Christmas.
The broader All Ordinaries fell 110.1 points, or 1.4 per cent, to 7,757.3.
Every sector finished lower with the tech category suffering the biggest losses, 3.0 per cent, as Xero dropped 3.8 per cent.
The property sector dropped 2.5 per cent, with Goodman Group down 3.2 per cent and Stockland falling 2.0 per cent.
All four big retail banks finished in the red. CBA dropped 1.3 per cent to $112.13, ANZ fell 1.0 per cent to $25.74 and NAB and Westpac both dipped 0.9 per cent, to $30.59 and $22.87, respectively.
Insurance companies were the one group that did well, with Medibank Private up 1.4 per cent, Suncorp adding 0.5 per cent and IAG lifting 0.6 per cent.
In consumer staples, Endeavour Group rose 2.5 per cent to a three-month high of $5.37 after chairman Peter Hearl and director Bruce Mathieson Jr both resigned.
Myer chairman Ari Mervis will become the new chairman of the BWS and Dan Murphy's chain owner.
"As Endeavour moves into its next phase post demerger and in line with orderly board succession and renewal planning, the board and I firmly believe now is the right time to commence a transition to a new chairman," Mr Hearl said.
In the mining sector, BHP dropped 1.5 per cent to $49.77, Fortescue fell 1.9 per cent to $28.84 and Rio Tinto subtracted 1.4 per cent to $134.72.
Goldminers did even worse, with Northern Star falling 4.0 per cent and Evolution fading 2.8 per cent per cent.
In currency, the Australian dollar was back under 68 US cents, buying 67.65 US cents, from 68.35 US cents at Tuesday's ASX close.
ON THE ASX:
* The benchmark S&P/ASX200 index finished Wednesday down 104.6 points, or 1.37 per cent, at 7,523.2.
* The broader All Ordinaries dropped 110.1 points, or 1.4 per cent, to 7,757.3.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 67.65 US cents, from 68.35 US cents at Tuesday's ASX close
* 96.09 Japanese yen, from 96.66 Japanese yen
* 61.76 Euro cents, from 61.95 Euro cents
* 53.55 British pence, from 53.67 pence
* 107.88 NZ cents, from 108.22 NZ cents
