AUSTRALIAN STOCKS SLIP: What you need to know

Elia Viviani of Italy and Australia’s Glenn O’Shea crash during the Cycling Track Men’s Omnium Points Race 66 at the Rio Olympic Games. Bryn Lennon/Getty Images

Australian stocks closed marginally weaker.

The scoreboard:

  • S&P ASX 200: 5,532.00 -7.96 -0.14%
  • All Ordinaries: 5,625.70 -8.11 -0.14%
  • AUD/USD: 0.7705 +0.0032 +0.42%

The local market faded despite record highs on Wall Street where the S&P 500 closed 0.3 higher.

The major banks slipped and the big miners gained.

The NAB dropped 0.6% to close at $27.04 and Westpac just 0.17% to $29.71.

Rio Tinto was up 0.87% to $48.46 and Woodside Petroleum 0.95% to $27.65.

The top stories:

1. $2 billion in Pizzas. Domino’s posted underlying profit after tax at $92 million, a 43.6% rise, a record and ahead of guidance. But statutory profit was a bit under expectations. Its shares closed down 3.7% to $74.11.

2. The hunt for returns. Australian IPOs smashed the main market in July.

3. The truth about startups. Australian founders reveal the unwritten rules of working in a startup.

4. Not enough people are dying. Earnings at Australia’s InvoCare, the largest private funeral operator in the Asia Pacific, have suffered because of a lower than expected death rate. Its shares lost 4.2% to close at $13.97.

5. Caring for children. Profits at G8 Education, which runs 478 child care centres for 37,045 children, have been shaved by a sharp rise in wage costs. Its shares lost 12.4% to close at $3.23.

6. Why the Ausgrid deal was stopped. The Foreign Investment Review Board concluded unanimously that a 99-year sale of the Ausgrid power network to Chinese interests would pose an unacceptable security risk.

7. At the Olympics. The pole vaulters were getting soaked because Rio staff forgot to cover the mat during a downpour.

8. A drink after dark. Actor and winemaker Sam Neill says Sydney’s lockout laws have made the city “a pointless place” and “taken the guts out of the nightlife”.

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