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AUSTRALIAN STOCKS SLIP ON HIGH COURT FALLOUT: Here's what you need to know

The Australian premiere of Stranger Things Season 2 at the Sydney Opera House. Don Arnold/Getty Images

Australian stocks closed lower.

Today’s scoreboard:

  • ASX200: 5,903.20 -13.10 -0.22%
  • All Ordinaries: 5,969.30 -13.24 -0.22%
  • AUD/USD: 0.7644 -0.0016 -0.21%

The local market was tracking for a small rise but dropped on news that Deputy Prime Minister Barnaby Joyce had been disqualified from parliament.

The week ended with the ASX200 a handful of points weaker, fewer than 4, but it still above the key support point of 5900.

Among the banks today, Westpac was down 1% to $33.08 and Commonwealth 0.9% to $78.24.

Shares in Blackmores surged after a broker upgraded the vitamin maker. They closed almost 10% higher at $151.32.

ResMed added 4.9% to close at $10.65 after the the sleep disorder device maker reported a 13% increase in quarterly revenue to $US523.7 million.

Top stories:

1. Barnaby Joyce is disqualified from Parliament. The High Court says he’s a Kiwi.

2. Here’s what happens next. The Liberal-National Coalition government can count on the casting vote of the Speaker to carry votes on the floor.

3. BARNABY JOYCE: “It’s a tough game politics… we all buy the ticket and know the risks.”

4. Worried about Australia. A $US460 billion investment chief at JPMorgan.

5. Glenn Stevens is joining Macquarie Bank. He starts as an independent director at Macquarie Group Limited, effective Wednesday next week.

6. Macquarie smashes half-year profit. Macquarie posted a 19% rise in net profit to $1.25 billion for the first half. Macquarie shares added 3.9% to close at $97.91.

7. Ruslan Kogan just banked almost $13 million. The pioneering Australian online retailer sold 3% of his company.

8. Canada’s Saputo to buy Murray Goulburn. The $1.3 billion bid is subject to Foreign Investment Board Review approval.

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