ASX 200 plunges 3pc in $73bn wipeout on Ukraine crisis; Appen hammered

ASX posts third worst fall in two years as Russia declares war on Ukraine. Qantas posts $1.27bn loss, Appen hammered amid profit drop, Cimic surges on takeover bid, while oil and gold jump.

Volatility is expected to continue for equity markets amid escalating tension in Ukraine. Picture: Nikki Short / NCA NewsWire

Welcome to the Trading Day blog for Thursday, February 24. The Australian sharemarket suffered its third worst session in two years with $73bn wiped after Russian President Vladimir Putin declares war on Ukraine. It follows Appen falling 28 per cent on profit loss and Cimic surging on takeover bid.

The S&P/ASX 200 index fell 215.1 points or 3 per cent to 6990.6, while the All Ordinaries index shed 220.8 points to 7253.1.

US stocks extended their losses, pushing the S&P 500 into correction territory, to close down 1.8 per cent. The Dow Jones Industrial Average fell 1.4 per cent and tech-heavy Nasdaq tumbled 2.6 per cent.

Iron ore traded 1 per cent higher to $US138.50 a tonne, while Brent crude oil passed US$100 a barrel for the first time since September 2014 on the events in Ukraine.