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

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Australian stocks opened a new week on a slide.

Today’s scoreboard:

  • ASX 200: 5,709.90 -33.96 -0.59%
  • All Ordinaries: 5,771.20 -32.22 -0.56%
  • AUD/USD: 0.7945 +0.0011 +0.14%

The major banks led the local market down, with Westpac shedding 1.7% to close at $31.54 and the Commonwealth 1.3% to $76.68.

Among the miners, Rio Tinto fell 1.2% to $66.50 and Fortescue Metals 1.6% to $5.90.

Lend Lease posted a 9% rise in full year profit to $758.6 million. The property company’s shares closed at $16.55, up 0.6%.

Treasury Wine Estates shares added 1.2% to close at $14.14 after the owner of Penfolds settled a shareholder class action going back several years for $49 million.

Qantas fell 5.6% after a broker downgrade.

Top stories:

1. America’s CBS buys the Ten Network. The New York Stock Exchange-listed broadcaster, a key content provider to Ten and one of its biggest creditors, has entered into a binding agreement to acquire the business and assets of the Australian free-to-air network.

2. APRA is investigating the Commonwealth Bank. Chairman Wayne Byres: “The Australian community’s trust in the banking system has been damaged … ”

3. Who will succeed Alan Joyce as Qantas CEO? The announcement that the company is shaking up its executive ranks are a signal that the business is thinking about who may lead the airline next. Also read: Jetstar CEO Jayne Hrdlicka is moving to Qantas.

4. 2 chilling facts about Amazon. Amazon is building its Australian capabilities right now.

5. Steady but not spectacular. The aftermath of the 2017 earings season.

6. Retirement blues. Japara Healthcare, Australia’s largest private aged care and retirement group, posted a 2.2% drop in full year profit to $29.71 million. Its shares fell 13.7% to close at $1.75.

7. Ticket reseller Viagogo is being sued for deceptive conduct. The Australian Consumer and Competition Commission (ACCC) has launched legal action.

8. Home-cooked meal startup Dishme has just raised $25,000 from one of its first users. The startup, one of this year’s batch on the H2 Ventures accelerator program, aims to capitalise on time poor inner city workers who want healthy food.

9. A recovery led by Sheets and pillows. Adairs, the manchester retailer, just had a good half year. Its shares added more than 5% to close at $1.42.

10. House prices. Australian clearance rates continue to point to strong growth.

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