AUSTRALIAN STOCKS GO NOWHERE: What you need to know

Tom Hawkins of the Cats during the round two AFL match between the Greater Western Sydney Giants and the Geelong Cats ain Canberra. Mark Metcalfe/Getty Images

Australian stocks closed marginally lower.

Here’s the scoreboard:

  • S&P ASX 200: 4,995.30 -4.08 -0.08%
  • All Ordinaries: 5,070.10 -3.69 -0.07%
  • AUD/USD: 0.7628 -0.0053 -0.69%

Local stocks rallied for most of the day, following a stronger session on Wall Street, with the banks leading the way.

But the market ran out of momentum, with the ASX 200 dipping below the key support level of 5000 points.

The major banks ended flat. The NAB was 0.55% higher at $25.82 but the Commonwealth dropped just 0.1% to $72.92.

Resources stocks fell. BHP lost 2.6% to $16.52 and Woodside Petroleum 2.6% to $24.98.

The top stories Monday:

1. On becoming a content business. Optus is cutting 480 jobs in a restructure of its consumer and enterprise divisions.

2. Where have retail sales gone? For the third month in a row sales have come in below expectations, casting doubt over the the ability of household spending to power economic growth.

3. A record in sight. Macquarie Group’s revenue has slowed but the bank is still on track to post a record full year profit. Macquarie closed 0.75% higher at 64.68.

4. The big data leak. More than 800 wealthy Australians connected to Panama law firm Mossack Fonseca advising on the use of offshore havens to minimise tax are being investigated by the Australian Tax Office (ATO).

5. A mellow business. MGC Pharmaceuticals will grow cannabis in Australia as part of its plan for the medicinal cannabis market. Its shares closed more than 7% higher at $0.03.

6. Streaming media disrupted. Quickflix has cut the pay of its senior executives, closed its Sydney CBD office and planned another 15% cut in the number of staff as it fights to revive its business.

7. After another free data Sunday. This is what went wrong with Telstra’s mobile network.

8. Jobs, jobs, jobs. The number of Australian job advertisements increased modestly last month, fitting with recent evidence that labour market conditions are cooling.

9. Watch the big race. A Model S Tesla against a Qantas jet.

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