AUSTRALIAN STOCKS SLIP, MINERS TANK: Here's what you need to know

Maggie Steffens of the US prepares her shot in front of Australia’s Ash Southern during the 2016 Olympic team trials in Los Angeles. Harry How/Getty Images

Australian stocks closed lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,318.90 -32.41 -0.61%
  • All Ordinaries: 5,384.90 -30.28 -0.56%
  • AUD/USD: 0.7240 +0.0017 +0.24%

Eight out of ten sectors were weaker, led by energy stocks which lost almost 2% as a group.

BHP fell 2.5% to $18.37, Rio Tinto 2.3% to $44.00 and Santos 2% to $4.25.

The big four banks all lost ground with Westpac falling below $30 a share to close at $29.90, down 1.2%.

Biotron shares jumped 15.6% to $0.074 after the medtech announced that two of its compounds have been effective against the zika virus.

The top stories Monday:

1. 30% better than expected. BlueScope Steel, which revived its business in the face of a global steel glut, now says its expects earnings to be better than estimated. Its shares closed 7.3% higher at $6.28.

2. Counting the costs to the economy. The Arrium steel works and iron ore mine is too big to be allowed to fail, according to analysis by Flinders University.

3. The new executive at ANZ. Shayne Elliott has made the final appointment to his group executive committee since he took over as head of the bank in January.

4. Serious about an IPO. The Good Guys appointed Credit Suisse, Goldman Sachs and UBS as joint lead managers to support a planned listing on the ASX.

5. A travel miss. Flight Centre says its full year profits are likely to miss guidance and be weaker than last year partly because the July 2 federal election is affecting confidence. Its shares fell almost 9% to $33.55.

More cash. Stem cell treatment biotech Mesoblast has received $6.2 million for research and development from the federal government’s tax incentive program. Its shares added 7.9% to close at $2.05.

6. Big super. Not-for-profit superannuation fund First State Super is creating the largest member-owned financial planning network in Australia after winning an auction to acquire the NSW government’s StatePlus.

7. Those perks again. Australian MPs are fighting over double dipping on a key perk when they stay in Canberra.

8. A first. A Melbourne-based company has started manufacturing for the first Australian-built electric car.

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