There’s no bottom in sight for the Australian share market, which has shrugged off all of Tuesday’s gains to close at its lowest level in 14 months.

The benchmark S&P/ASX200 closed on Wednesday down 213.7 points, or 3.6 per cent, to 5,725.9 points, losing 79 points in the final hour of trading to finish on the lows of the day.

The broader All Ordinaries index closed down 206.5 points, or 3.44 per cent, at 5,789.3.

The Australian dollar was buying 65.05 US cents, down from 65.62 US cents at the market close on Tuesday.