AUSTRALIAN STOCKS GO NOWHERE: Here's what you need to know

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Australian stocks closed marginally lower.

Today’s scoreboard:

  • ASX 200: 5,838.40 +1.50 +0.03%
  • All Ordinaries: 5,868.30 -2.61 -0.04%
  • AUD/USD: 0.7408 +0.0022 +0.30%

The local market coasted to a soft close, kept afloat by a better performance from the banks.

The NAB was up 0.9% to $32.64 and the ANZ 0.65% to $29.41.

Among the miners, BHP was up 0.3% to $23.82 and Rio Tinto down 0.6% to $59.44.

Agribusiness Elders added 1.3% to $4.46 after posting a 56% rise in half year net profit to $38.3 million on the good of high livestock prices.

The top stories:

1. Guvera shuts after taking $185 million from investors. The music streaming company’s co-founder and biggest financial backer walked away.

2. US private equity giant TPG has changed its bid for Fairfax Media. It’s now a all cash at $2.7 billion. Fairfax shares closed at $1.14, up 6.5%.

3. The major banks are still expensive? An analysis by Deutsche Bank shows the big four are still overshooting their historical average forward price to earnings ratio while dividend yields are falling.

4. UK fraud investigation. Slater and Gordon confirmed authorities are investigating the company the law firm bought a UK business from. Its shares close at $0.11, up 4.7%.

5. H2 Ventures is looking for artificial intelligence startups. The VC is is expanding its investment and accelerator program for fintechs to data and artificial intelligence.

6. More bad news is on the way for Oroton. Preliminary sales numbers for April show that earnings are down again.

7. Qantas gets and upgrade. Moody’s Investors Service lifted Qantas to Baa2 with a stable outlook from Baa3.

8. WannaCry global ransomware. An Australian cybersecurity expert explains the attack.

9. BUDGET 2017. An economist who analysed the budget says it’s an infrastructure bonanza in words only, not actual spending.

10. The surprising benefits of being in a bad mood. It’s time to re-assess the role of bad moods in our lives.

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