AUSTRALIAN STOCKS GO NOWHERE: What you need to know

Australian players head out to field during day two of the First Test match with the West Indies in Hobart. Cameron Spencer/Getty Images

Australian stocks closed down again.

Here’s the scoreboard:

  • S&P ASX 200: 5,029.50 -8.22 -0.16%
  • All Ordinaries: 5,078.60 -8.89 -0.17%
  • AUD/USD: 0.7248 -0.0032 -0.45%

The market lost ground for the fourth sessions in a row. The ASX 200 shed 2.3% for the week.

Stocks see-sawed, briefly hitting positive territory in late morning, before dropping again for the rest of the day. Seven out of ten sectors closed lower.

BHP closed the week down another 1.6% at $$17.20 with investors worried about commodity prices and the fallout from the fatal mine disaster in Brazil. Four weeks ago it was at $24.

The major banks were flat but just above water. The ANZ was up 0.12% to $26.22 and the NAB was up 0.6% to $28.60.

The top stories Friday:

1. Australians take Wall Street. Atlassian’s listing values it around $A8 billion, bigger by market capitalisation than many of Australia’s top 200, and making its founders very rich.

2. Do we need more LNG? Some of the biggest names in the resources industry have decided to go ahead with another LNG project despite a global rout in oil prices.

3. It looks like Canada wins, so far. The board of directors of logistics group Asciano today formally supported a $9 billion takeover offer from Canada’s Brookfield Infrastructure.

4. US rates will be up soon. But history shows that share investors should be cheering a US rate hike.

5. Different messages. There is a big difference in the way messaging apps are used in the West, compared to the East, according to the latest App Annie report.

6. PHOTOS: What it’s like aboard the high-speed catamarans racing on Sydney Harbour.

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