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

The Sydney Sevens match at Allianz Stadium. Mark Kolbe/Getty Images

The Australian market closed marginally lower.

Here’s the scoreboard:

  • S&P ASX 200: 4,975.40 -0.78 -0.02%
  • All Ordinaries: 5,022.10 -3.52 -0.07%
  • AUD/USD: 0.7094 +0.0026 +0.36%

Local shares ended flat, after a weak session on Wall Street on Friday. Seven out of ten sectors were higher.

The major banks were all weaker led by the ANZ, down 1.49% to close at $23.73. BHP gained 1% to $16.37 and Rio Tinto more than 2% to $42.53.

The top stories Monday:

1. The $9 billion company. Chris Corrigan’s Qube has added a sweetener, more cash, to its bid for transport group Asciano. Asciano shares closed up 2.3% to $9.10.

2. Looking for more growth. JB Hi-Fi hits strong sales and looks to home appliances for growth. Also see: How JB Hi-Fi makes profits where others fail. Its shares clsoed down 0.5% to $22.00.

3. No deal. OzForex has terminated talks which would have seen Western Union take over the Australian foreign exchange transfer group. OzForex shares dropped a massive 42% to close at $1.79.

4. Sales down. Condom maker Ansell, which has already warned of weaker future earnings, today posted a 20.6% fall to $US69.6 million in profit for the half year. Ansell added more than 7% to close at $16.14.

5. Politics and taxes. We finally know what it will take for Malcolm Turnbull to back an increase in the GST.

6. Iron ore blues. Moody’s cuts Western Australia’s credit rating.

7. Jobs. Australia’s stellar employment growth looks like it’ll slow in the months ahead.

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