AUSTRALIAN STOCKS DROP OVER MAY: Here's what you need to know

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Australian stocks closed the session marginally higher but ended the month behind.

Today’s scoreboard:

  • ASX 200: 5,724.60 +6.71 +0.12%
  • All Ordinaries: 5,761.30 +5.33 +0.09%
  • AUD/USD: 0.7453 -0.0013 -0.17%

The local market hit positive territory for the second session in a row. Wall Street eased in overnight trade with the
S&P500 down 0.1%.

However, the ASX200 is down 3.37% for the month of May, dragged down mainly by the banks.

On the ASX today, the banks gained ground with the NAB up 1.2% to $30.10 and Westpac 0.7% to 430.54.

The miners slipped with Rio Tinto down 0.7% to $62.81 and BHP 0.4% to $23.90.

Domino’s Pizza was down 1.5% to $57.47, adding further to losses this, after saying its independent audit following allegations of staff underpayments is taking longer than expected.

Shares in television companies rose. Nine was up 6.5% to $1.30 and Seven West Media 2% to $0.70.

The top stories:

1. Ditching too soon? Fund managers are scratching their heads over the withdrawal from the Australian equity market by small player Altair Asset Management.

2. Growth in online shopping is slowing fast. Australians are shying away from shopping on the internet, at least according to spending figures released by the NAB today.

3. Borrowing. Australian housing investor credit continued to expand at a decent clip in April, according to data released by the Reserve Bank of Australia (RBA) on Wednesday.

4. The black swans chart. The Soc Gen global economics team in its quarterly outlook.

5. Kogan.com increased its full year earnings outlook. And Active customers have increased 36.4% over the year to 910,000.

6. INSIDE SHOWPO’S MARKETING MACHINE: How Jane Lu built a powerhouse digital brand.

7. The Australian dog now peer reviewing academic papers. Dr Olivia Doll has an impressive resume, including a doctorate, positions as a lecturer and a number of cutting edge research interests.

8. Launceston is Australia’s first gigabit city. NBN 10 times faster than the rest of us.

9. BuzzFeed CEO Jonah Peretti: The lawsuit over Trump dossier is an outrageous attempt to silence the media.

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