Another $20b wiped from share market

Another heavy fall on the share market has wiped almost $20 billion from its value and taken investors into bear territory.

File image. Source: AAP

The local market fell more than one per cent on Thursday, bringing total losses in the last two sessions close to $60 billion.

The market has now fallen 20 per cent from its most recent peak in April 2015, making it a bear market.

Shares had sunk by more than two per cent in early trade, before a record half year profit from Commonwealth Bank provided a little boost, CMC Markets chief analyst Ric Spooner said.

"We then saw things come off amid wholesale selling on the Japanese market," he said.

"It's symptomatic of volatility."

Mr Spooner said traders were also making moves ahead of a speech by US Federal Reserve Chair Janet Yellen on Wednesday night, Australian time.

"There's a possibility that she'll say something that calms nerves, particularly in credit markets," he said.

"I'm not predicting she'll do that but if she does it could give us a turnaround."

Energy and materials stocks were among the worst performers, with Woodside Petroleum down 25 cents to $26.48, Santos down eight cents to $2.98 and Oil Search 16 cents weaker at $6.58.

Mining giant BHP Billiton fell 40 cents to $15.65 and Rio Tinto dropped 49 cents to $41.51.

The financial sector also took a hit, with ANZ dropping 37 cents to $22.42, National Australia Bank shedding 48 cents to $24.42 and Westpac 17 cents weaker at $28.53.

But CBA added $1.33 to $74.20 after a four per cent rise in half year cash profit to $4.8 billion.

Building products maker Boral was another stock to gain ground, adding 18 cents, or 3.5 per cent, to $5.32 after a 31 per cent jump in half year profit.

Key facts:

* At the close on Wednesday, the benchmark S&P/ASX200 index was down 56.4 points, or 1.17 per cent, at 4,775.7.

* The broader All Ordinaries index was down 56.1 points, or 1.15 per cent, at 4,826.5.

* The March share price index futures contract was 65 points lower at 4,710, with 53,488 contracts traded.

* The price of gold in Sydney at 1700 AEDT was $US1190.80 per fine ounce, down 52 cents on Tuesday's price of $US1,191.32 per fine ounce.

* National turnover was 2.5 billion securities traded, worth $7.2 billion.