Banks, miners tumble as Caltex shares surge

The ASX 200 index’s losses were worse, losing 11 points or nearly a fifth of a per cent to end the session at 5,635.

A drop in the benchmark iron ore price did not augur well for the miners. BHP Billiton lost 1. 5 per cent and Rio Tinto 1. 3 per cent.

The firm’s stocks crashed 12. 8 per cent despite an upbeat outlook and BlueScope trimming its net loss to $82 million.

The non-diversified iron ore players were hit even harder, with Fortescue Metals Group losing 1. 8 per cent and Atlas Iron 5. 6 per cent.

The major banks all fell, led by a loss of 0. 75 per cent for ANZ. Westpac slid 0. 25 per cent and National Australia Bank 0. 2 per cent.

Fuel company Caltex led the way, surging 7. 4 per cent on its half-year profit result.