Australian Stocks Slip To A Hard Close

A 650 metere long water slide in New Zealand. Phil Walter/Getty Images

The Australian equities market was punished today

The S&P/ASX 200 closed down 58.44 points, a fall of 1.06%

The local markets followed Wall Street overnight where the DJ industrial average fell below 17,000 points and the NASDAQ lost more than 1%.

Analysts say the American market is being cautious ahead of the earnings season. Investors want to see solid revenue gains before supporting the market.

Locally, the ANZ bank closed down 1.22% to $33.18, Westpac 1.08% to $33.85 and the NAB 0.953% to $33.27.

Among the miners, Fortescue was down 1.79% to $4.38 and BHP 0.9% to $37.25.

The big fall was Navitas which lost more than $700 million in market capitalisation when it announced an end to its long relationship with Sydney’s Macquarie University.

And 3P Learning Ltd, the owners of the online game Mathematics, has a disappointing first day on the ASX, sliding to $2.14 from its strike price of $2.50. The company raised $282.7 million in the listing.

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