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

Bog snorkelling at the Dirt ‘n’ Dust Festival at Julia Creek, Queensland. Mark Kolbe/Getty Images

Australian shares closed marginally lower.

Today’s scoreboard:

  • ASX 200: 5,760.90 -4.76 -0.08%
  • All Ordinaries: 5,810.60 -5.80 -0.10%
  • AUD/USD: 0.7877 -0.0013 -0.16%

The local market opened with a surge higher but closed the session in negative territory.

Among the Miners, Rio Tinto fell 2.1% to $65.01 and BHP 0.5% to $26.07.

The major banks were all weaker with Westpac dipping 0.3% to $32.03.

Aristocrat added 22.% to $21.26 after it announced plans to buy social gaming company Plarium.

Bellamy’s continued its climb, adding another 7.8% to close at $8.84, after announcing yesterday its subsidiary Camperdown Powder, which produces milk power, has had the suspension of its license lifted by authorities in China.

Fund manager Magellan Financial was down 3.6% to $26.874 after posting a 1% fall in full year profit to $196.2 million.

Top stories:

1. The world is facing an inequality crisis. Compared to many European nations, income inequality is particularly acute in the US, UK, New Zealand, Spain and Australia.

2. The home building boom is just about over. Australia’s booming residential construction market is shifting into reverse, with a 31% slump forecast by BIS Oxford over the next three years.

3. AMP moves to reduce risk on its life insurance business. But net profit for the half year fell 15% to $445 million. AMP shares shed 2.6% to close at $5.27.

4. Furniture store Nick Scali posts a record profit. But sees storm clouds ahead for furniture retailers. Its shares fell 8.4% to $6.10.

5. Cutting out mortgage brokers. CBA’s latest annual results show that it’s starting to reduce its dependence on mortgage brokers.

6. Someone stole an ANZ executive’s identity. Then used it to get a $30,000 loan from Westpac.

7. The losses at Virgin Australia are shrinking. The airline today posted a full year statutory loss of $220.3 million, an improvement of $38.9 million on 2016. Its shares rose 5.7% to $0.185.

8. Australian apartment construction is about to tank. But it looks like the cavalry is coming.

9. AGL is back in profit as power bills rise. AGL Energy reported a 232.1% improvement in its bottom line, turning a $408 million loss last year into a $539 million profit in 2017, helped by better wholesale prices for electricity. AGL shares fell 1.8% to close at $24.52.

10. Clearance rates still point to strong growth in house prices. According to data released by CoreLogic today, a final capital city clearance rate of 68.2% was recorded last week, continuing the remarkably steady trend since the beginning of June.

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