AUSTRALIAN STOCKS CRUSHED: What you need to know

Australian stocks were crushed again today.

Here’s the scoreboard:

  • S&P ASX 200: 5,214.60 -73.98 -1.40%
  • All Ordinaries: 5,224.80 -70.75 -1.34%
  • AUD/USD: 0.7308 -0.0029 -0.39%

On Wall St, the S&P 500 closed down 2.1% for its worst day in 18 months. On the local market, all ten sectors went into the red, adding to Thursday’s 1.7% loss.

At one stage, the S&P/ASX 200 index was below 5200 points and more than 2% weaker but recovered some lost ground in late trade.

The big four banks were the major drag. Westpac lost 3.88% to $30.95 and the ANZ 3.85% to $28.01.

Among resources stocks, BHP closed down by 1.64% to $23.98 and Woodsdie 1.3% to $31.27.

The top stories for Friday:

1. Re-setting the company. Santos CEO David Knox is stepping down as the oil and gas producer’s share price falls further after the latest results showing commodity prices sucking revenue from the company. Its shares closed flat at $5.60.

2. Medibank Private posted a full year net profit of $291.8 million, beating its own prospectus forecast of $258.2 million for its first 12 months. Its shares added more than 13% to $2.28.

A natural disaster. IAG’s full year net after-tax profit fell 41% to $728 million after a significant rise in insurance claims from earthquakes in New Zealand and storms in Australia. Its shares lost more than 5% to $5.52.

3. Goods purchased online will be subject to GST from July 1, 2017 after state and federal treasurers agreed to abolish the current $1000 threshold.

4. Big demand. Apple’s fund managers have received more than $3 billion in orders for its Australian dollar debt issuance in just over 24 hours.

5. Content marketing. Australia’s biggest media monitoring company, Isentia, has diversified by buying King Content for $48 million. Its shares were up almost 3% to $3.46.

6. Woolworths has lost almost a dozen senior execs in a year. Big W managing director Alastair McGeorge resigns for health reasons. Woolworths shares were down 0.75% to $26.37.

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