AUSTRALIAN STOCKS SLIDE: What you need to know

Competitors slide through pipes as they take part in the Tough Guy adventure race near Wolverhampton, central England. Oli Scarff/AFP/Getty Images

Australian shares closed lower.

Today’s scoreboard:

  • S&P ASX 200: 5,661.50 -52.49 -0.92%
  • All Ordinaries: 5,714.30 -51.26 -0.89%
  • AUD/USD: 0.7551 +0.0004 +0.05%

The ASX 200 index dropped below the key 5700 point mark, taking back some of last week’s 1% gains.

Wall Street closed down at the end of the week with the S&P500 slipping 0.1% after weaker than expected economic growth numbers.

On the ASX, all sectors were in the red.

Westpac shed 1% to $32.01 and the Commonwealth 0.95% to $82.19.

BHP fell 0.58% to $27.36. Fortescue Metals slipped 2.2% to $6.48.

Spotless was down 5% to $0.93 on news of a shareholder class action being funded by IMF Bentham Limited.

The top stories:

1. Apple Australia’s profit crashed 97%. Mostly due to a largely due to a tax “adjustment”.

2. Selling homes at a loss. The proportion of those getting less than they paid is rising, particularly for units. Also read: One fifth of Brisbane units sold at a loss during in the September quarter.

3. Saputo is bidding for the rest of Warrnambool Cheese. The $8.85 per share offer, valuing Warrnambool at $682 million, is almost 25% higher than Friday’s $7.09 closing price. The shares rose to the offer price by the close of trading.

4. That rumour of an Allianz takeover of QBE. The Australian insurer, in a statement to the stock exchange, said it had not held any talks with Allianz or any other potential buyers.

5. Aconex announced a profit downgrade. The construction industry software provider reports uncertainty in the US and UK markets. Its shares dropped 45% to $3.10.

6. The trade deficit is shrinking to its smallest since the 1970s. The latest quarterly business outlook from Deloitte Access Economics says Australia’s current account deficit is about to be smaller than at any time since Gough Whitlam was PM.

7. Donald Trump keeps resettlement deal with Australia. The US will take refugees in Australian detention facilities despite his tightening of immigration regulations.

8. Watch. The emotional reactions of travellers detained under Trump’s immigration ban being released from US airports.

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