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

SAustralia team competes in the 2015 World Rafting Championships at Citarik River in Sukabumi, Indonesia. Robertus Pudyanto/Getty Images

Australian stocks closed marginally higher.

Here’s the scoreboard:

  • S&P ASX 200: 5,155.70 +4.09 +0.08%
  • All Ordinaries: 5,205.90 +4.43 +0.09%
  • AUD/USD: 0.7332 -0.0009 -0.12%

The local market opened strongly, gaining 1.4% as investors followed Wall Street where the S&P 500 closed 2.1% higher.

But by midday the market sagged. BHP, which opened up 1.45%, closed up just 0.34% to at $17.99. The banks were flat with Westpac gaining just 0.68% to $32.52 and the NAB dropping 0.17% to $29.56.

Shares in Martin Aircraft, which is making the world’s first commercially available personal jetbacks, soared to $1.05 but then fell again, closing down more than 10% at $0.865 after announcing a pre-sale agreement in China for 100 jetpacks.

McGrath real estate agents had a weak first day trading. Its $2.10 shares closed at $1.86.

The top stories Monday:

1. A takeover. Shares in Broadspectrum, the renamed company running Australia’s detention centres, went nuts. They closed 47.6% higher at $1.255.

2. Takeover isn’t happening. A bid for iSelect, the online comparison site, by Providence Equity Partners has fallen apart. iSelect closed down more than 11% to $1.08.

3. One for four. Here’s what NAB shareholders will get from the float of the troubled UK business.

4. Startups and investors. Here’s everything in Malcolm Turnbull’s innovation statement affecting startups and investors. And read this: “Welcome to the ideas boom.”

5. Frozen berries are going. Victorian packing company Patties Foods has sold its Creative Gourmet business and will be out of the frozen fruit market by early 2016. Patties clsoed down 0.4% to $1.155.

6. The last word. The 10 business eBooks Australians are reading.

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