Australian share market slumps more than 2pc in early trade

The Australian share market has slumped 2.3 per cent at the open, following steep falls around the world overnight.Only five companies on the ASX 200 were rising in early tradeWall Street's Dow Jones index posted its worst session in two years overnight, falling by more than 3.5 per cent.

However, falls were broad-based, with only five companies out of the top 200 trading higher early in the session and blue chips also struggling. Retailers were also being sold off as investors worry about both consumer demand and the worsening disruption to supply chains from the coronavirus — JB Hi-Fi was off 3 per cent and Harvey Norman was down 2.6 per cent.

"But the markets have come alive with the sound of volatility and traders reaching out for portfolio hedges."

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