AUSTRALIAN STOCKS SLIP: What you need to know

Jessica Lai of Australia competes in the 63kg weight class at the International Weightlifting Federation World Championships in Houston, Texas. Scott Halleran/Getty Images

Australian share closed lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,193.70 -32.69 -0.63%
  • All Ordinaries: 5,245.20 -31.78 -0.60%
  • AUD/USD: 0.7268 +0.0012 +0.17%

The ASX 200 dropped below the key 5,200 support level before bouncing back at the close. Seven of the ten local sectors lost ground, adding to Tuesday’s 0.95% fall.

Energy stocks outperformed with Santos was up 3.4% to $4.17 and LNG 7.3% to $1.24.

But the banks weighed on the market with the ANZ losing 1.19% to $27.44 and the NAB 0.84% to $29.57.

The A2 Milk Company dropped 10% to $0.99, reversing some of the gains of the last week as investors bet on demand for infant formula from China. It’s still up 10% from the 90 cents of a week ago.

McMillan Shakespeare added 8.8% to $13.53 after the salary packing group was given a BUY rating from Goldman Sachs.

The top stories Wednesday:

1. Heading to $200 again? Blackmores, the Australian vitamin and food supplement maker, briefly hit $200 a share last month, becoming Australia’s most expensive share. Blackmores closed today up 2.9% to $184.79.

2. Infrastructure billions. The NSW Government has just unlocked $10.258 billion to spend on infrastructure projects by leasing a key asset, its electricity transmission network, TransGrid.

3. The electronic heart of Vegas. Revenue from smartphone gambling apps is becoming a serious business for Australia’s Aristocrat Leisure, better known for its poker machines in clubs and pubs. It closed flat at $9.53.

4. Small cap in US deal. NetComm Wireless has signed a deal with a large US telecommunications carrier to provide the same devices it is using in Australia to expand the NBN network in remote regional areas. NetComm Wireless jumped 31% to close at $3.49.

5. Board maker on board. SurfStitch has bought the board maker Surf Hardware International for $23.7 million. SurfStitch was in a trading halt while it does a $50 million raising.

6. Driving licences on smartphones. NSW announced a programm to transition away from traditional identification cards starting mid-next year.

7. Disruptions coming for the global payments industry. McKinsey outlines the four big ones.

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