AUSTRALIAN STOCKS SLIP: What you need to know

Ground staff soak up water on the cricket field as rain delays the start of play during the WBBL match between the Sydney Thunder and Adelaide Strikers in Penrith. (Photo by Mark Kolbe/Getty Images)

Australian stocks closed the session, and the week, lower.

Today’s scoreboard:

  • S&P ASX 200: 5,532.90 -5.68 -0.10%
  • All Ordinaries: 5,589.70 -5.29 -0.09%
  • AUD/USD: 0.7359 +0.0001 +0.01%

The local market closed the week lower despite gains on Wall Street. The ASX200 lost 0.5% over the five days.

Today the big miners were the main drag with BHP down 1.3% to $25.00 and Rio Tinto also 1.3% to $59.31.

The banks were mixed with the ANZ down 0.6% to $29.810 and the Commonwealth up 0.5% to $81.06.

Gold miners were hit after a fall in the price of the precious metal. Oceanagold was down 9.6% to $3.56 and Northern Star 7% to $2.98.

South32 was down 4.7% to $2.61 after forecasting a fall in coal output from its Illawarra operation.

Mayne Pharma shares dropped on US price fixing allegations. They closed down 8.7% at $1.30.

The top stories:

1. ANZ chairman David Gonski’s theory on why people are angry at banks. He believes the anger, disillusionment and disdain directed at banks is at least partly due to general worry about jobs and the future.

2. SurfStitch and former CEO Justin Cameron are trading public blows. The company, in claims lodged in the District Court of Queensland, alleges “breaches of statutory and fiduciary duties”. SurfStitch shares added 12% to close at $0.185.

3. Fintech startups given the green light. ASIC (Australian Securities and Investments Commission) announced “class waivers” that let certain fintech businesses to test specific products without holding an Australian financial services or credit licence.

4. Oliver Curtis lost an appeal against his insider trading conviction. Curtis is serving two years in jail, with a minimum of 12 months, and is currently in Silverwater prison.

5. You’ve never been wealthier. According to data released by the Australian Bureau of Statistics, net household wealth rose by $197.6 billion, or 2.2%, to $9.062 trillion in the September quarter.

6. The consumer watchdog handed Nurofen a $6 million headache. The fine given to Reckitt Benckiser for misleading consumers with “targeted pain” products has been increased to a record $6 million.

7. GoCatch accuses Uber of planning surge pricing. The local rival claims that Uber’s latest correspondence to its drivers “virtually guarantee” that surge pricing is applied.

8. Amazon is secretly building an Uber for trucking app. Amazon is building an app that matches truck drivers with shippers, a new service that would deepen its presence in the massive $800 billion trucking industry.

9. PICTURES: Orcas have been seen killing and eating rare whales for the first time.

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