Stocks chase regional leads lower: Afternoon market insights

The markets extended their losses this afternoon, down almost 1% at 2.30pm.

The ASX 200 was 0.95% lower to 4048.7, while the broader All Ordinaries index also lost 0.95% to 4094.3.

Myer shares slid to an all-time low of $1.65 earlier in the day, the lowest its ever traded at since listing in November 2009. Its shares have since recovered somewhat to $1.67.

Resources stocks fell after Fortescue launched a legal challenge to the mining tax. Qantas shares slipped 1.1% to $1.13 after its CEO Alan Joyce warned it could go under if Etihad Airways extended its stake in rival Virgin Australia.

The Australian dollar fell back to parity, buying $US1.0063.

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