AUSTRALIAN STOCKS DIP: What you need to know

Australia’s Brooke Stratton in the Women’s Long Jump Final at the Rio Olympic Games. Johannes Eisele/AFP/Getty Images)

Australian stocks closed weaker.

The scoreboard:

  • S&P ASX 200: 5,507.80 -27.25 -0.49%
  • All Ordinaries: 5,607.30 -20.84 -0.37%
  • AUD/USD: 0.7707 +0.0051 +0.67%

The major banks and financial stocks dragged the local market to a negative closed despite a stronger Wall Street where the S&P 500 closed 0.2% higher.

The Commonwealth Bank, which went ex-dividend yesterday, lost another 1.2% to close at $73.12. The NAB dropped 0.6% to close at $27.27.

Financial market platform Iress closed at $11.71, up more than 9%, after posting a 15% rise in full year profit to $32.7 million.

Whitehaven Coal returned to the black, posting a full year profit of $20.5 million compared to a loss of $342.7 million in the previous year. Its shares closed 3.9% higher at $2.12.

CSL lost another 2.8% to close at $107.70 after yesterday posting a 10% fall in full year net profit to $US1.24 billion ($A1.6 billion).

QBE added another 2% fall to yesterday’s 8% when the insurance group posted a 46% fall in half year profits to $US265 million. Today the shares closed at $10.02.

The top stories:

1. The premium wine strategy is working. Profit at Treasury Wine Estates has more than doubled to $179.4 million, a sharp indicator that the turnaround of the once-troubled company is hitting targets. Its shares added 11.5% to close at $10.65.

2. A huge surge in part-time employment. Seasonally adjusted, the economy added 26,200 jobs for July. The market was expecting 10,000.

3. Travelling online. Webjet announced a record full year profit of $22.2 million, a 27% rise, as the online travel booking site starts to build its digital wholesale business. Its shares surged 20.5% to close at $9.70.

4. Wealth protection dips. AMP, the financial services giant, today reported a 10% drop to $513 million in underlying profits for the half year, about $12 million below analyst expectations. Its shares closed 4.6% lower at $5.52.

5. A new fund for business. Innovation minister Greg Hunt will reset the government’s innovation agenda so it extends beyond start-ups.

6. Diminished authority. Malcolm Turnbull’s CEDA speech shows he hasn’t listened to what voters said.

7. Another big CBD. Macquarie University is building a huge innovation hub with Australia’s biggest corporates.

8. Lessons from the GFC. CEO of global Australian startup Campaign Monitor shares what he learned building a business.

9. To Treasury. Former ANZ chief economist Warren Hogan, who left the bank in March, is joining federal Treasury as its Principal Adviser in its Sydney office.

10. The next round of the debate. The difference between Sydney and Melbourne people. Also read: Melbourne has been named the world’s most liveable city, again.

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