AUSTRALIAN OIL STOCKS CRUSHED AGAIN: Here's What You Need To Know

Christophe Pallot/Agence Zoom/Getty Images

After a shocking day on Tuesday the Australian stock market closed down again today.

Here’s the scoreboard:

  • S&P ASX 200: 5,353.60 -11.20 (-0.21%)
  • All Ordinaries: 5,334.50 -11.66 (-0.22%)
  • AUD/USD: 0.8073 -0.0011 (-0.15%)

Australian stocks didn’t fall as far as US stocks did overnight. The Dow closed down 0.9%. Oil also continued its fall, with WTI crude trading below $US49 a barrel.

The fall in the oil price was a drag on Australian energy stocks again. Santos was off 1.32% to $7.45, Beach Energy was down 6.7% to $0.975 while Liquefied Natural Gas Limited fell 5.48% to $2.07.

But there was a small reprieve for the ASX today, with iron ore rising to a one month high overnight, up 0.9% to $US71.49 a tonne.

The lift filtered through to Atlas Iron stock, which finished up 7.84% to $0.275. Arrium was up 15.91% to $0.255 a share, as was BC Iron which was 8.66% higher at $0.69.

The major miners were relatively flat. Rio Tinto closed down 0.52% to $57.29, BHP Billiton was flat at $28.11 and Fortescue was off 1.79% to $2.74 a share.

NAB was the only big bank to close the day higher, up 0.24% to $33.42. Westpac was off 0.55% to $32.69, ANZ down 0.189% to $31.72 a share and CommBank was off 0.223% to $85.11.

Here are the top business stories for today.

  1. Here’s how China’s tougher environmental policies are transforming Australia’s iron ore market
  2. SOC GEN: Something really weird is going on with Australia’s iron ore trade data
  3. CHART: Australian Government Bond Yields Are At Record Lows
  4. 5 ways a low oil price affects the global political landscape

Here’s the chart.

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