AUSTRALIAN STOCKS DROP HARD OVER THE WEEK: Here's what you need to know

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Australian stocks closed the session higher but ended the week substantially lower.

Today’s scoreboard:

  • ASX 200: 5,677.80 +1.20 +0.02%
  • All Ordinaries: 5,715.50 +0.71 +0.01%
  • AUD/USD: 0.7535 -0.0014 -0.19%

The ASX200 index, still well below the key 5700 mark, dropped by 1.9% over the week, smothering last week’s 0.6% gain.

The market is now only about 0.2% ahead since the start of the calendar year. Adding in dividends, that’s a gain of only around 2%, and the year is nearly half way over.

Today, the big miners held the market above water. Rio Tinto was up 1.3% to $62.94 and BHP almost 1% to $23.54.

The banks were mixed with the Commonwealth up just 0.18% to $79.19 and the NAB down 0.8% to $29.40.

The top stories:

1. FINKEL REVIEW: A low emissions target is the best way forward for the nation’s electricity supply.

2. It looks like the crackdown on housing investment is starting to work. The value of new investor lending fell heavily in April, according to the ABS.

3. Competing with Uber. Sydney taxis will be allowed to switch off their meters.

4. The jobs in Australia with the best prospects for a pay rise this year. the latest salary survey by recruiters Hays shows some will do better than others.

5. PICTURES: Take a look inside this real estate advertising agency’s new ‘home-style’ offices in Sydney

6. Hiding from Dr Strangelove. Stanley Kubrick, the director and creator oft he anti-war movie, had a plan to hide from nuclear fallout in Australia.

7. Six months of system issues before ATO had its summer meltdown. The Australian Taxation Office released a report on its investigation into the computer system outages suffered over December to February.

8. Coke Zero is disappearing in Australia. Its replacement is coming next week.

9. The best drinks. Where to watch Vivid Sydney from 10 great bars.

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