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

Tolga Akmen/AFP/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX 200: 5,669.00 -40.89 -0.72%
  • All Ordinaries: 5,733.60 -37.62 -0.65%
  • AUD/USD: 0.7931 -0.0037 -0.46%

The local market was hit by a wave of negative sentiment after North Korea launched a missile over Japan.

The ASX200 fell below the key 5700 point mark and kept going, falling more than 1%. The index regained some ground into the close.

The major banks led the fall, with Westpac down 1.27% to $31.14 and the NAB 1.28% to $30.08. The Commonwealth closed at $75.73 down another 1.2%.

Engineering group Downer EDI was up 2% to $7.01 after improving 2017 earnings.

The Retail Food Group — which has Gloria Jeans, Michel’s Patisserie, Donut King, Pizza Capers Gourmet Kitchen and Crust Gourmet Pizza — posted a 27% rise in revenue to $349.3 million. Its shares closed 0.8% higher at $4.84.

Top Stories:

1. New home sales hit a 4-year low. According to the Housing Industry Association (HIA), total sales fell by 3.7%, adding to the 6.9% fall recorded in June and now sit at the lowest level since August 2013.

2. The two year sales surge at Blackmores has ended. The company today posted a 42% fall in annual profit to $58 million on a 3% slide in sales to $693 million. The shares, however, jumped 7.4% to $97.99.

3. Inside the startup. Leading startup investment insiders told us what they’re looking for in the perfect fintech.

4. Retail crunch. Specialty Fashion, the owner of women’s fashion stores Millers, Katies, Crossroads, Autograph, City Chic and Rivers, posted a full year loss of $8.39 million. Its shares fell 22% to close at $0.355.

5. Qantas inflight wi-fi. The airline is accelerating its roll-out starting next month to get the jump on rival Virgin Australia.

6 Cabcharge goes into the red. Cabcharge posted a full year loss of $90.55 million as the taxi payment company restructures to meet industry disruption from nimble technology-led players. Its shares jumped 4.4% to $2.11.

7. Coles is teaming up with Uber for home delivery. Australia’s second largest supermarket has quietly started a home delivery trial with the hi-tech taxi service.

8. Australia’s top 10 LinkedIn power profiles of 2017. They have developed their brand on LinkedIn by sharing their diverse experiences and voicing their opinion on topics that matter.

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