Banks and miners lead market rout

The sharemarket suffered its biggest one-day fall since October last year, with mining and banking stocks the worst hit as fears of inflation in the US rippled around world markets.
The ASX 200 fell 121 points from the bell but clawed back some ground by the close to be down 98.2 points, or 1.9 per cent, at 5119.3.
The All Ordinaries tumbled 95.9 points to close at 5076.2.
The losses this week have seen the market give up all the gains it has made since the beginning of April, with both the ASX 200 and the All Ordinaries also registering their biggest falls over five days since October last year.
Aequs Securities institutional dealer Ric Klusman said most of the damage had been done by the mining and banking stocks.
"We are particularly seeing a rationalisation in the resource stocks with money moving back into the industrials," he said.
Mr Klusman said the marginally positive close on Wednesday had been a "dead cat bounce" and he expected to see another couple of days of selling. "I wouldn't be surprised to see us lose another 100 points."
US stocks were hit hard on Wednesday after economic data showing rising inflation sparked fresh fears the Fed would continue to raise rates. The Dow Jones index tumbled 214.28 points to 11,205.61.
Locally, heavyweight miners led the sell-off, with BHP Billiton falling $1.11 or 3.7 per cent to $29 and Rio Tinto slumping $3.10 or 3.8 per cent to $78.70.
Falling commodity prices helped drive most miners lower, with Oxiana plummeting 25c to $3.04, Zinifex diving 80c to $11 and Alumina down 32c to $7.10.
The weakening oil price hurt petroleum stocks, with Santos sliding 24c to $11.30 despite announcing encouraging flow results from the third appraisal well at its Jeruk oil discovery in Indonesia.
Woodside Petroleum fell $1 to $43 after the company said it would co-operate with an Australian Federal Police probe into its activities in Mauritania.
Banks also fell, with ANZ down 60c to $26.40, NAB off 74c to $36.26, Westpac 33c weaker at $23.65 and the Commonwealth falling 40c to $45.20.
James Packer's PBL shot up 43c to $19.08 after announcing it would purchase a 6480sqm development site in Macau for $255 million with its joint venture partner.
Lion Nathan was a rare bright spot, climbing 21c to $8.41 after posting a 10 per cent rise in first half net profit to a record $148.9 million.
AMP fell 26c to $9.48 despite announcing it could increase its guidance for the growth in value in the wake of changes to the taxation of superannuation.
My Net Fone debuted at 22c, 2c higher than the 20c issue price, before closing at 24.5c.
Securities in Cheviot Kirribilly Vineyard Property Group opened and closed at its $2.50 issue price.
Telstra rose 2c to $3.84 while Optus owner Singapore Telecom fell 2c to $2.19.
Gold stocks were savaged, with Newcrest sagging 93c to $22.28, Lihir sliding 27c or 8.6 per cent to $2.88, Kingsgate Consolidated down 25c to $4.92 and Bendigo down 8c to $2.20.
Hardman Resources fell 10c to $1.885 as chairman and founder Alan Burns said he would be stepping down from the position of chairman in the near future.