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

Australia’s Matt Jones hin a bunker on the first hole during the final round of the Arnold Palmer Invitational in Florida. Sam Greenwood/Getty Images

The Australian market closed weaker after spending the day within striking distance of the 6000 point level on the ASX 200 index.

Here’s the scoreboard:

  • S&P ASX 200: 5,956.10 -19.39 (-0.32%)
  • All Ordinaries: 5,921.00 -15.26 (-0.26%)
  • AUD/USD: 0.7817 +0.0043 (+0.55%)

Wall Street was up on Friday with S&P 500 closing stronger by 0.9%.

On the local market, stocks struggled for most of the day with eight out of 10 sectors lower.

The big banks were either flat or in negative territory with the Commonwealth Bank the biggest loser, down 0.87% to $95.48. Among the miners, BHP was up 1.08% to $31.

The top stories on Monday:

1. It’s been a wild month for the Australian dollar, falling from a high of 0.7850 to a low of 0.7570. Here’s what’s going on.

2. Premier Investments shares jump. Solomon Lew’s fashion group posts a 9.1% rise in profit to $56.8 million and hands out a special dividend. The shares close up more than 11% to $12.54.

3. iiNet answers it’s critics. The chairman says the $1.4 billion takeover won’t produce much in the way of synergies for TPG Telecom.

4. CHART: Iron ore has crashed again. Forescue Metals, a pure play iron ore producer, was trading 1% weaker today to $1.98.

5. RCG, the owner of Athlete’s Foot, successfully closed a capital raising to help fund the takeover of Accent Group, the exclusive distributor of Vans, Skechers, Dr Martens and Timberland. Its shares closed up 44% to $1.04.

6. Deutsche Bank has downgraded Myer to a sell.

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