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

Photo: David Ramos/Getty Images.

The Australian market fell hard as resources stocks were pulled down by weaker oil and iron ore prices.

Here’s the scoreboard:

  • S&P ASX 200: 5,846.10 -73.84 (-1.25%)
  • All Ordinaries: 5,816.30 -72.64 (-1.23%)
  • AUD/USD: 0.7720 -0.0035 (-0.46%)

Wall Street closed in positive territory on Friday with the S&P 500 up 0.2%.

In Australia, more than twice as many shares were traded as last Monday. All ten sectors lost ground, led by energy stocks which collectively fell more than 4%.

Woodside Petroleum was down almost 3% to $34, Oil Search 5% to $7.16 and Santos 6.7% to $7.02. All the banks lost ground, led by Commonwealth Bank which was down 1.31% to $93.10. AMP was weaker by 2.3% to $6.36. Among the miners, BHP was down 2.11% to $30.10 and Rio Tinto 1.4% to $55.85.

The top stories Monday:

1. Discounted offer. PanAust shares surged on a discounted takeover offer by Guangdong Rising Assets Management in China. The state-owned resources company offer of $1.71 a share values the copper and gold miner at $1.11 billion. The shares closed up 40% to $1.715.

2. Big litigation. Slater and Gordon is positioning itself as the leading personal injury law group in the UK through a $1.22 billion acquisition. Its shares closed up 1.72% to $7.55.

3. Shares in Caltex fell hard after the US energy giant Chevron sold its half share in the Australian refinery company for about $4.7 billion. Caltex closed down more than 9% to $34.44.

4. Iron ore dreaming. Fortescue Metals could be under more pressure now that iron ore is tanking again. Its shares closed down 3.75% to $1.925.

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