AUSTRALIAN STOCKS GO NOWHERE: What you need to know

Suliasi Vunivalu of the Storm during the round eight NRL match between the Melbourne Storm and the New Zealand Warriors in Melbourne. Robert Prezioso/Getty Images

Australian shares started the week lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,220.60 -15.77 -0.30%
  • All Ordinaries: 5,283.60 -15.64 -0.30%
  • AUD/USD: 0.7716 +0.0001 +0.01%

The local market slipped with an overnight dip in oil and iron ore prices. Resources stocks reversed their rally and lost some of the 1.5% gains of last week.

Fortescue dropped 6.25% to $3.15, BHP 2.95% to $19.76 and Rio Tinto 3% to $49.44.

Newcrest, Australia’s biggest gold miner, dropped 1% to $17.71 despite lifting output of the precious metal by 2.6% in the first quarter.

The major banks were mixed with Westpac up 1% to $31.65 but the NAB down 0.5% to $27.50.

The top stories Tuesday:

1. The shortfin barracuda is coming. Australia has awarded a $50 billion submarine contract to a French, and not Japanese as expected, company. Also see: A first look at Australia’s next submarine. And watch the video.

2. Another Netflix victim. Homegrown DVD library and streaming service Quickflix has gone into voluntary administration.

3. The money in sharing accommodation. The REA Group, the owner of realestate.com.au, is paying $25 million for flatmates.com.au. REA closed 3.7% higher at $52.04.

4. The US Army trials Neuren’s brain injury drug. The research didn’t go so well. Neuren Pharmaceuticals shares lost 23.8% to close at $0.08.

5. Australia’s budget problem, in four powerful words. Also read: The budget will blow out by $4.3 billion.

6. A new chair at AMP is coming. Simon McKeon, who was diagnosed with multiple sclerosis in 2001, has stepped down.

The first stand alone Tesla Australia store. A two-story flagship at 20 Martin Place, right in the heart of Sydney’s CBD.

7. The Sydney disease. A Sydney real estate agent plans to live stream the auction of a Surry Hills apartment on Facebook.

8. Sydney is blown up. The ninth instalment in the X-Men franchise is about to hit the big screen.

9. A glam shack. Billabong co-founder Scott Perrin just listed his beachfront mansion for $29.5 million a decade after rejecting $50 million.

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