AUSTRALIAN STOCKS FALL AGAIN: What you need to know

Solo Imaji / Barcroft Images / Barcroft Media via Getty Images

Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,295.50 -64.30 -1.20%
  • All Ordinaries: 5,378.40 -63.73 -1.17%
  • AUD/USD: 0.7635 -0.0016 -0.21%

The local market fell hard for the second day in a row, testing the 5300 mark on the ASX200 and adding to yesterday’s 1.47% fall. The index is down almost 2.6% so far this month.

In a sea of red, the NAB was the only bank to stay ahead, closing 0.47% up at $27.59. The Commonwealth lost 1.6% to $72.99 and Westpac 0.6% to $30.40. The Bank of Queensland dropped 4.6% to $10.59.

Among the miners BHP lost 1.45% to close at $22.51, Fortescue Metals 2.7% to $5.34 and South32 8% to $2.40.

Wesfarmers dropped another 2.7% to close at $40.32 after posting a quarterly update yesterday showing slowing sales growth at Coles.

The top stories:

1. Bad debts rise, margins shrink but dividends steady. The NAB posted a full year cash profit of $6.48 billion, an increase of 4.2% and within expectations. Also read: Margins are being squeezed by higher funding costs.

2. A big fall in profit at Blackmores. The profits of the vitamin maker have been hit by weaker sales in Australia as fewer people who’ve been buying locally export to China. The shares dropped below $100 each before recovering. They close at $105.74, 1.29% higher.

3. JB Hi-Fi sales up, profits coming. The electronics retailer announced a 12% rise in September quarter sales. Its shares closed at $28.26, up 0.9%.

4. The fatal Dreamworld accident will hit Ardent Leisure’s earnings. But it’s not saying by how much. The company’s shares recovered some lost ground today, closing at $2.15, up 7.50%.

5. The 10 richest young Australians of 2016. Atlassian co-founders Mike Cannon-Brookes and Scott Farquhar top the list with record $4.68 billion combined wealth.

6. Which way rates? The door is still ajar for another RBA rate cut next year.

7. Qantas has updated the kangaroo logo. The airline has given its famed kangaroo logo on the tail of its planes a makeover with help from designer Marc Newson.

8. Budgy Smuggler is opening a store in Manly. They were in the headlines earlier this month after nine Australians were tossed in a Malaysian jail.

9. Jodie Fox closed her concept stores. This is the lesson learned by the Shoes of Prey co-founder.

10. The number of Australian properties selling for more than $2 million. There’s been a noticeable acceleration in the number of these big ticket houses since late 2011.

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