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

Nicholas Kamm/AFP/Getty Images

Australian stocks closed marginally lower after almost two weeks of gains.

Today’s scoreboard:

  • ASX 200: 5,894.00 -12.99 -0.22%
  • All Ordinaries: 5,957.20 -11.42 -0.19%
  • AUD/USD: 0.7825 +0.0006 +0.08%

The local market slipped, sending the ASX200 index below the key 5900 point mark.

The banks were mixed, with the NAB up 0.3% to $32.57 and the Commonwealth down 0.3% to $78.69.

Among the miners, Rio Tinto was 0.3% higher at $69.26 but BHP was down 0.7% to $26.49.

TPG Telecom was 1.1% higher at $$5.21 and Telstra 0.85% to $3.55 after the consumer watchdog the ACCC announcing that it won’t allow competitors to use Telstra’s infrastructure for mobile roaming. TPG is building its own mobile network.

Top stories:

1. CENSUS: The gig economy has taken hold with one in three working Australians are employed part-time.

2. The ANZ Bank settles with the corporate regulator over alleged manipulation of interest rates. Federal Court proceedings have been put on hold for 48 hours while ASIC and the ANZ finalise details.

3. Sales at Kogan are soaring ahead of Christmas. The pure play online retailer released its quarterly numbers showing a 39% rise in sales over the latest three months.

4. The clouds around Australia’s economy are clearing. Dodging the dual risks of a sharp fall in housing prices and a slowing in China.

5. Bubs launches its goat milk infant formula on Tmall. The Australian company is selling its Goat Milk Infant Formula and new Bubs Organic and Baby Cereals and Toothy Rusks. Bubs shares rose almost 30% to close at $0.835.

6. Rent.com.au posts strong strong revenue numbers. Total revenue in the September quarter was $514,00, up 8% on the previous quarter and 46% higher than the same three months last year. Its shares closed 1.6% higher at $0.063.

7. Malcolm Turnbull says the NBN was a mistake. The National Broadband Network will never generate returns high enough to be commercially viable.

8. Hooked on Leadership. A workshop where 2 ex-race horses are the course facilitators.

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