AUSTRALIAN STOCKS DROP AGAIN: Here's what you need to know

Chip Somodevilla/Getty Images

Australian stocks closed down again.

Here’s the scoreboard:

  • S&P ASX 200: 5,147.10 -56.16 -1.08%
  • All Ordinaries: 5,230.40 -52.12 -0.99%
  • AUD/USD: 0.7379 +0.0020 +0.27%

The local market continued its fall as fears over the impact of a possible Brexit, the departure of the UK from the European Union, spread.

The ASX 200 index slipped below another support level, this time 5200 points. Two weeks ago it was at 5400.

The local market has lost 3.1% so far this short trading week.

Today the banks and big miners all lost ground.

Westpac dropped 2.3% to close at $28.55, BHP 2% to $17.82 and Rio Tinto 1.1% to $42.96.

Mesoblast gained 12% to $1.24, making up some of the 42% fall of yesterday when the stem cell biotech announced the end of a research partnership with Teva Pharmaceutical.

The top stories Wednesday:

1. a2 Milk ups its profit guidance. The death of infant formula sales to China has been exaggerated. a2 Milk shares jumped 13.6% to $1.71.

2. Paying down debt and cutting costs. Virgin Australia is raising more than $1 billion in equity as well as targeting deep cuts of $300 million a year from aircraft retirement, crew, catering and maintenance. Its shares fell 11.8% to close at $0.260.

3. The rise of China. Australia’s share market will be marginalised.

4. More ways to spend. Samsung Pay launches in Australia.

5. Ziggy Switkowski may have breached the election caretaker conventions. Chief bureaucrat Martin Parkinson isn’t impressed.

6. The optimists are ahead. Australian consumer sentiment fell fractionally in June, consolidating on the enormous gain previously recorded in May.

7. Mark Textor’s election column. He takes apart the TV political panel and the language of commentators. Call it footy politics.

8. Brexit fears. Investors lose their appetite for risk.

9. A local fintech startup’s global expansion. PromisePay, a payments platform, closed a $14 million funding round.

10. Eat and enjoy the design. Australia’s 12 best restaurant and bar designs.

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