AUSTRALIAN STOCKS SLIDE: What you need to know

The Arcadia Spider, made out of recycled military and industrial machinery, at Elizabeth Quay in Perth. Paul Kane/Getty Images

Australian stocks closed weaker.

Today’s scoreboard:

  • S&P ASX 200: 5,464.40 -43.38 -0.79%
  • All Ordinaries: 5,532.60 -37.90 -0.68%
  • AUD/USD: 0.7472 +0.0028 +0.38%

The local market ate away at the 2.7% gains of last week with the ASX200 slipping below 5500 point mark.

The major banks, the big miners and energy stocks led the falls.

The ANZ dropped 1.3% to close at $27.91 and the Commonwealth 1.1% to $77.29.

Among the miners, BHP fell 2.6% to $25.81, Woodside Petroleum 2.2% to $30.39 and Rio Tinto 1.1% to $61.05.

Amcor lost almost 4% to close at $14.39 after a broker downgraded the packaging company.

The top stories:

1. Australian beer company Broo announced a distribution deal in China. Jinxing Beer Group has agreed to add Broo Premium Lager to its national product portfolio list, the only international label on offer to its network. Broo shares surged more than 19% to close at $0.40.

2. The housing market. A national capital city auction clearance rate of 78% was achieved last week, up from the final reading of 74.4% of the previous corresponding week, according to preliminary data released by CoreLogic.

3. George Brandis shifts the blame to Joe Hockey. Brandis told the Senate there was no deal between him and the Western Australian government — or between the federal government and WA — on the Bell Group.

4. Don’t expect a hefty pay rise for a while yet. Research from the UBS economics team shows more are having wage rises linked to the inflation rate, something that grew by just 1.3% in the 12 months to September.

5. Grays online expects to pay dividends soon. The company told the AGM today to expect to fully franked dividends, at a payout ratio of around 40% of net profit after tax, following the first half results. Its shares lost 7.2% to close at $1.15.

6. Metcash profits hit by declining food sales. The operator of IAG supermarkets says profit after tax was down 38.6% to $74.9 million compared to the same six months last year. Metcash shares closed 4.3% higher at $2.06.

7. Australia Post is processing more than a million parcels a day. The parcels business has performed well despite increased competition from overseas players.

8. Crowdfunding to save an endangered Australian bird. A campaign to help scientists trying to save the rare orange bellied parrot from extinction has more than doubled its target.

9. Just the thing for family outings. Ferrari has built a $500,000 car to attract new buyers to the luxury sports brand.

10. A badass DroneGun. DroneShield, a company that this year listed on the ASX, has released a gun that it says can safely bring a drone down to the ground.

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