AUSTRALIAN STOCKS SLIP: What you need to know

Bangarra Dance Theatre at the Royal Botanic Gardens in Sydney. Don Arnold/Getty Images

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

Today’s scoreboard:

  • S&P ASX 200: 5,339.20 -46.55 -0.86%
  • All Ordinaries: 5,440.40 -44.15 -0.81%
  • AUD/USD: 0.7651 +0.0008 +0.10%

The ASX 200 finished the week down just 0.16%.

Today the major banks led the slide with all but two sectors in the red.

Westpac was down 1.63% to close at $29.54 and the Commonwealth 1.65% to $70.87.

BHP surged 2.5% to $20.78 and Rio Tinto gained 1.2% to $48.60.

Sigma Pharmaceuticals added to Thursday’s 11% rise on the back of announcing good half year profits. Today its shares closed 9% higher at $1.40.

The top stories:

1. The apartment overhang. The impending oversupply of apartments in Australia will hit Melbourne and Brisbane the hardest, according to analysis by CLSA.

2. A $55 million fintech fund to list on the ASX. Seed funding venture capital specialists Ben and Tony Heap launched H2Ocean.

3. The shares jump. Origin Energy has gone with an internal candidate, Frank Calabria, to replace Grant King as CEO.

4. A printable memory ink for wearable electronic devices. The ASX-listed company Strategic Elements and the University of New South Wales announced they had successfully coated memory cells onto plastic. Strategic Elements shares added 7.6% to close at $0.14.

5. A big pink diamond for a small miner. The Lucapa Diamond Company, a small Australian mining company based in Perth Limited, has uncovered a rare large pink diamond in Africa.

6. The MARK TEXTOR column. How the banks made themselves an easy target.

7. Bored already? Markets don’t think central banks will do much for the remainder of 2016.

8. The 1-terabyte barrier for mobile phone storage. ASX-listed company Weebit Nano has signed a development deal with a French research institute.

9. RE-INVENT OUR CITIES: Why the digital age means we have to rethink everything about urban economics.

10. PODCAST: 25 years of growth, some warning lights, the JGB sell-off, restaurants and more.

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