AUSTRALIAN STOCKS DOWN: Here's what you need to know

Photo: Chris Hyde/Getty Images

Australian stocks closed lower on Monday.

Here’s the scoreboard:

  • S&P ASX 200: 5,166.50 -36.08 -0.69%
  • All Ordinaries: 5,218.20 -33.20 -0.63%
  • AUD/USD: 0.7190 0.0000 0.00%

Eight out of ten sectors were lower, adding to the 1% fall last week.

BHP weighed heavily on the market, hitting $18.09, down 3.62% on the day, as investors continued to be concerned about the consequences of the fatal Brazil mine disaster.

Fortescue dropped 4.8% to $1.96 on fears of weaker demand for iron ore from China.

The major banks were either flat or down. The NAB lost 1.01% to $29.39.

Among retailers, Myer was up 3.74% to $1.11

The top stories Monday:

1. Dick Smith’s market valued halved. The electronics retailer put doubt on whether its current year profit will reach the level of the previous year.

2. The Brazil mine disaster. BHP says analysis commissioned by the Samarco mine shows the mud from its Brazil mine disaster isn’t toxic.

3. Slater and Gordon fights back. The law firm is maintaining its profit guidance despite foreshadowed changes in regulations which could impact its UK business. Its shares closed up 34% to $0.925.

4. Losses narrow at the supermarket. Revenue from IGA is being squeezed as the smaller supermarket chain feels the pressure of shelf discounting from the bigger players. Metcash closed 12% higher at $1.48.

5. Becoming a bank. Australian payments company Tyro has raised $100 million from prominent investors, including US Asset manager Tiger Global and Atlassian’s Mike Cannon-Brookes.

6. Top job. The Australian government is paying $615,000 for a part-time gig to listen to complaints about wind farms.

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