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

Quotidianity the brothers by Fabio Pietrantonio is displayed during the 2015 Sculptures by the Sea at Bondi. Lisa Maree Williams/Getty Images

The Australian market closed weaker.

Here’s the scoreboard:

  • S&P ASX 200: 5,239.40 -27.46 -0.52%
  • All Ordinaries: 5,288.60 -21.64 -0.41%
  • AUD/USD: 0.7097 +0.0023 +0.33%

After four straight sessions of falls, the ASX 200 lost 2% over the week.

Today the banks dragged down the rest of the market. The ANZ, which posted a disappointing full year cash profit on Thursday, lost 3.4% to $27.21.

Westpac was weaker by 1.69% to $31.38. The Commonwealth was at $76.73, down 0.57%, and the NAB 1% to $30.15.

The big miners slipped with BHP at $23.02, down 1.92%.

Dick Smith was still being punished for downgrading its profit guidance. Its shares fell more than 10% to $0.695, on top of yesterday’s pummelling.

The top stories Friday:

1. Macquarie Group just walked all over the big four banks. It posted a 58% rise in half year profit to $1.070 billion, putting it on track for a record full year of about $2 billion. Macquarie shares added 2% to $85.70.

2. A breakup coming? Chris Corrigan’s Qube has blocked the $12 billion Asciano takeover. Asciano shares were up 8.4% to $8.20. Qube added 4% to $$2.29.

3. Australia’s economy just got some really good news: business is borrowing again.

4. Enice, a Chinese telecommunications company. Why this telecoms company from China is listing in Australia. Its shares traded today at 36 cents, below the IPO price of 40 cents.

5. Spending is good. Australian online retail sales jumped last month.

6 The 10 richest young Australians of 2015. Technology and property are common roads to wealth, especially if you want to get rich at a young age.

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