Sydney - Australian shares gave up some of their recent gains Tuesday in response to an overnight plunge on Wall Street.

The ASX 200 lost 111 points, or 2.2 per cent, to trade at 4,798 by the middle of the session.

The downturn came after two days of gains that had seen the index climb almost 10 per cent. It was still down by a quarter from its peak in November.

Again, financial counters were the worst hit. Macquarie Group Ltd gave up more than 7 per cent after soaring 45 per cent in the previous two sessions.

National Australia Bank Ltd was down 2 per cent, ending a two-day run that had seen a 24-per-cent rise.

The gainers were commodity stocks, particularly gold miners. (dpa)