The Australian market closed lower.
- S&P ASX 200: 5,111.40 -74.06 -1.43%
- All Ordinaries: 5,168.60 -73.77 -1.41%
- AUD/USD: 0.7490 -0.0025 -0.33%
The gains of Monday were wiped out, with nine out of ten sectors losing ground. Energy stocks and big miners drove the slide. The major banks followed, creating more drag on the market.
The ASX 200 is sill up 4.7% since the start of the month but is 3.4% weaker than at the start of 2016.
Today all four major banks went backwards with the NAB closing at $27.79, down 1.8%. BHP dropped 3.4% to $17.13, Woodside Petroleum 3.9% to 425.72 and Santos 3.6% to $3.86.
The top stories Tuesday:
1. The Dick Smith brand will live on. Ruslan Kogan is buying the online store.
2. The $9 billion breakup. A super-sized consortium of companies from Australia, Canada, Qatar and China has finally created a winning cash bid for the ports and rail fright group Asciano. Shares in Asciano closed 1.3% higher at $8.99. Qube added almost 1.8% to $2.24.
3. They’re coming. There’s about to be an explosion of tech startups from Southeast Asia heading to Australia
4. A booming trend in retail. Customisation is transforming the retail industry and it’s showing no sign of slowing.
5. Using new laws. Foxtel and Village Roadshow have officially begun legal proceedings to block pirating sites.
6. Watch the dollar. The RBA says low inflation provides scope to ease but the strong Aussie dollar might just make them act.
7. Social media startup Bomb’d. A major Wall Street CEO has ties to an Australian startup trying to take on Snapchat.
8. The Newport Arms hotel. One of Sydney’s most famous pubs is finally reopening at Easter.