AUSTRALIAN STOCKS DOWN FOR THE WEEK: What you need to know

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Australian shares closed the session, and the week, lower.

Today’s scoreboard:

  • S&P ASX 200: 5,721.10 -45.75 -0.79%
  • All Ordinaries: 5,776.80 -44.81 -0.77%
  • AUD/USD: 0.7482 -0.0001 -0.01%

The local market ended the week down 0.9% with the ASX200 dropping closer to the 5700 point level.

Today the ASX followed Wall Street and Europe lower.

The major banks dragged on the market. The NAB lost 1.8% to close at $30.67, Westpac 1.5% to $32.90, the Commonwealth 1.3% to $83.86 and the NAB also 1.3% to $31.10.

Shares in Bellamy’s shares dropped for the third day in a row, closing at $4.01, down another 8.8%, following a 17.7% loss on Thursday and 19.9% on Wednesday after announcing the departure of the CEO, Laura McBain, and a profit downgrade.

The top stories:

1. Health minister Sussan Ley has quit. Another political career in ruins from an expenses scandal.

2. The pain isn’t over for Bellamy’s. There’s more ahead for the Tasmanian infant formula maker whose spectacular growth via China has suddenly stalled.

3. Penfolds has convinced a court in China to force a squatter to give back its brand. A court in China has found that Treasury Wine Estates is the owner of Ben Fu, the Chinese name of its flagship Penfolds brand.

4. A rogue quokka escapes. WA police are searching for a missing quokka which is thought to have stowed away in a rubbish ship from Rottnest Island, 22km from Perth, to the mainland.

5. Leaked video goes viral. An Australian TV journalist arguing with a colleague over what they’re wearing.

6. A massive Twitter bot army. Somebody has amassed an army of Twitter bots which do nothing but quote passages from Star Wars novels.

7. A 28-year-old sold his company to Snapchat for $54 million. He then worked out how to travel the world without spending any of his fortune.

8. The first vision of a Ruby Seadragon in the wild. A type of seadragon known only from museum specimens has been seen for the first time in deep water off Western Australia.

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