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

Ashton Agar of Western Australia bats during day three of the Sheffield Shield match with Tasmania at WACA. Paul Kane/Getty Images

Australian stocks fell on Tuesday.

Here’s the scoreboard:

  • S&P ASX 200: 5,108.60 -47.10 -0.91%
  • All Ordinaries: 5,158.00 -47.94 -0.92%
  • AUD/USD: 0.7224 -0.0044 -0.61%

Mining and energy stocks dragged the local market down as investors retreated from oil prices hitting a seven year low.

The ASX 200 materials index closed at the lowest level since May 2005. Seven out of the ten sectors lost ground, led by energy stocks which fell 6.35%.

BHP was down 5.2% to $17.05, Rio Tinto 4.3% to $42.40 and South32 8% to $1.03.

Woodside Petroleum lost almost 4% to $26.89, Santos 13% to $3.31 and LNG 11.5% to $0.995.

All the banks lost value with the ANZ down 1.65% to $26.82.

The top stories Tuesday:

1. Dollar blues. The Australian dollar was hosed today.

2. It’s all over. Woodside Petroleum withdrew its proposal to merge with Oil Search. Oil Search shares dropped more than 16% to $6.29.

3. A big reshuffle. Insurance giant IAG announced a major restructure of its senior executive team. IAG closed down 1.4% to $5.65.

4. Goldman Sachs deal. The Commonwealth Bank is closing its institutional equities business. Its shares closed down 0.46% to $80.14.

5. A book loss. The NAB is expected to make a large accounting loss on the sale of Clydesdale bank. The NAB closed down 0.85% to $29.31.

6. The ATO wins again. Orica estimates its net profits will be down $36 million after losing a court case against the Australian Tax Office. Orica was down 3.6% to $15.02.

7. Keep a steady gaze. The 12 biggest mistakes people make when approaching a CEO.

8. Almost there. What 15 Australian executives want for Christmas.

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