AUSTRALIAN STOCKS FALL: What you need to know

Australia’s Scott Keach falls at the Rio 2016 Olympic Games. Philippe Lopez/AFP/Getty Images

Australian stocks closed down.

Today’s scoreboard:

  • S&P ASX 200: 5,385.80 -38.45 -0.71%
  • All Ordinaries: 5,484.60 -36.54 -0.66%
  • AUD/USD: 0.7694 +0.0021 +0.27%

The local market slipped to eight week lows, dropping by as much as 1.2% before clawing back some lost ground. The ASX 200 dipped below the key 5400 point mark and stayed there.

BHP fell 1.1% to $20.26 and Woodside Petroleum 1.5% to $28.01.

The ANZ bank, which announced more management changes, was down 1.1% to $27.08 and the Commonwealth 0.69% to $72.06.

Woolworths, trading ex-dividend, shed 3.5% to $23.27.

Sigma Pharmaceuticals shares jumped more than 11% to close at $1.28 after posting a 26% rise in after tax profit to $23.88 million.

The top stories:

1. A New Zealand earthquake six years ago is still hurting insurance profits. Tower warned that higher than expected claims from the Canterbury disaster will drag on profits for the full year by $16.2 million. Its shares closed 16% lower at $1.09.

2. A big reshuffle at ANZ. The bank’s chief operating officer, Alistair Currie, is departing.

3. School friends. Heidi Holmes and Lucy Lloyd, co-founders of startup Mentorloop, have just raised $300,000 to further develop their cloud-based platform taking mentoring online.

4. Exports better than expected. Australia’s trade position improved sharply in July, according to data released by the Australian Bureau of Statistics (ABS) earlier today.

5. Who to hire? Hiring advice from the president of the world’s largest job search site, Indeed.

6. Gift giving is normal across Asia but handing over cash isn’t. The Sam Dastyari case in perspective.

7. Not in the air. Qantas won’t let passengers charge their Samsung Galaxy Note 7 smartphones.

8. The iPhone 7. The same old thing, but it’s going to sell like hotcakes anyway. Also read: Complaints about the new AirPod earbuds.

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