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

Dave J Hogan/Dave J Hogan/Getty Images

Australian shares closed lower.

Today’s scoreboard:

  • ASX 200: 5,763.30 -20.52 -0.35%
  • All Ordinaries: 5,801.20 -18.45 -0.32%
  • AUD/USD: 0.7627 +0.0023 +0.30%

The local market eased to a weak close after yesterday 1.75% rally.

The banks slipped and the big miners strengthened.

Westpac was down 0.8% to $31.12 and the NAB 0.5% to $30.17.

BHP added 1.6% to close at $24.15 and Rio Tinto 1.7% to $65.20.

Shares in Liquefied Natural Gas Limited jumped more than 26% to $0.71 after the energy producer secured a $1.5 billion commitment from partner Stonepeak for its Magnolia LNG project in the US.

Top stories:

1. Australia’s fourth telco is under offer. KKR is about to start due diligence on its $2.18 billion bid. Vocus shares were up 2.1% to $3.38.

2. Steelmaker Arrium has been sold. It’s going to GFG Alliance, an international group of businesses founded and owned by the Gupta Family in the UK.

3. BONDCANO: The Australian stocks most at risk from a rise in global bond yields.

4. Sell side analysts on Wall Street. They haven’t been this bullish on stocks in years.

5. Slow and expensive internet. Australia is slipping in the global rankings for digital readiness.

6. Lachlan Murdoch and Bruce Gordon are closer to taking Ten. Consumer watchdog the ACCC (Australian Competition and Consumer Commission) has confirmed it has a request from the private holding companies of the two: Murdoch’s Illyria Nominees and Gordon’s Birketu.

7. Pepper Group confirms a takeover bid from KKR. The US-based investment house has offered $3.60 a share, valuing Pepper at $655 million.

8. Flight Centre is about to hit a record $20 billion in sales. Its fortunes have been revived by an end to international airfare discounting in the second half of the financial year. Its shares jumped by more than 10% to close at $4.10.

9. Cornering avocado. The Costa Group plans to become the biggest avocado producer in Australia. Costa shares were down 2.3% to $4.94.

10 Iron ore. Credit Suisse says the rally has further to run yet.

11. The 9 Australian jobs least likely to be taken over by robots. Chefs are one.

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