AUSTRALIAN STOCKS SLIDE: Here's what you need to know

Matt Cardy/Getty Images

Australian stocks closed the session, and the week, down.

Here’s the scoreboard:

  • S&P ASX 200: 5,312.60 -49.34 -0.92%
  • All Ordinaries: 5,391.60 -45.84 -0.84%
  • AUD/USD: 0.7415 -0.0015 -0.20%

The local market dropped hard on the last trading day of the week, led by the big miners reacting to lower commodity prices.

However, the ASX 200 index ended the week flat, dropping just 0.1% over the five days.

Today eight out of ten sectors were in the red.

BHP lost 4.18% to close at $18.79, Rio Tinto almost 3% to $44.08 and Santos 1.8% to $4.72.

Westpac was down under $30 a share, closed at $29.95, down 1.25%on the day.

LNG, which officially ended rumours of a takeover, lost 22% to close at $0.83 after its share price doubled over the last week.

The top stories Friday:

1. One third of Virgin Australia goes to Chinese buyers. Nanshan Group, a privately owned Chinese conglomerate, is buying almost 20% of Virgin from Air New Zealand. Virgin shares closed 3.5% higher at $0.29.

2. BHP’s fatal mine disaster in Brazil. Police finish their investigation and accuse three companies and eight mine employees of crimes connected to the November tailings dam collapse.

3. Selling to China. An Australian company in packaging Australian air and sending it to China.

4. A new way to get that big job. LiveHire Ltd listed on the ASX today after raising $10 million at 20 cents a share.

5. Arrium gets $50 million from South Australia. KordaMentha, the administrator of steelmaker and iron ore miner Arrium, says another $100 million is needed.

6. A $142 million equity raising. Warrnambool Cheese and Butter Factory Company, whose profits have been hit by the global milk glut, is re-tooling its business so to produce more value-added dairy products. Its shares added 3% to close at $8.50.

7. Trying to make a little extra money? Victoria’s Supreme Court says putting the apartment you rent on Airbnb breaks your lease.

8. A watery listing. Airbnb has created a one-off listing floating on the Great Barrier Reef.

9. Seat Review. This tiny detail is the only thing that made it worth flying business class from Sydney to Cairns. Also read: Why Virgin Australia’s flight to Perth is boring and dull, but occasionally exciting.

10. Tracking customers. Domino’s wants to start tracking you when you order pizza.

11. PODCAST: ‘Devils and Details’ with James Whelan on insanity on currency markets, Brexit, Guvera & more.

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