AUSTRALIAN STOCKS SLUMP BUT END THE WEEK AHEAD: Here's what you need to know

A busker in Sydney’s Pitt St Mall. William West/AFP/Getty Images

Australian shares closed the session lower but ended the week well ahead.

Today’s scoreboard:

  • ASX 200: 5,747.10 -32.11 -0.56%
  • All Ordinaries: 5,798.50 -28.75 -0.49%
  • AUD/USD: 0.7889 +0.0003 +0.04%

The ASX200 was almost 1% higher after a strong showing earlier in the week.

Today the local market fell hard on opening, following a rout on Wall Street where the S&P500 shed 1.5% overnight on local political uncertainty and the Barcelona terror attack.

Among the banks, Westpac lost 1.5% to close at $32.21, the NAB 1.3% to $30.87 and the Commonwealth just 0.5% to $79.09.

BHP fell 2% to $25.39 and Rio Tinto 0.6% to $63.19.

Treasury Wine Estates jumped 3.4% to $13.41, continuing its climb after yesterday’s annual results showing a pay off for the company’s premium wine strategy.

Primary health Care was up 2.8% to $3.63 after posting full year revenue of $1.658 billion and a loss of $516.9 million, mainly due to non‐cash impairments of its medical centres.

Top Stories:

1. The CBA money laundering case has links to potential terrorism financing. A federal parliamentary committee today heard from Peter Clark, acting CEO of AUSTRAC.

2. Kogan.com smashes full year profit. Ruslan Kogan’s pure play online sales machine Kogan.com posted full year after tax profit of $3.74 million, a 362.3% rise on last year, outperforming its prospectus forecast. Its shares closed 8.75% higher at $2.61.

3. Back in front of a parliamentary inquiry. The CEOs of the big four banks.

4. UBS: The ASX reporting season major companies downgrading earnings forecasts.

5. Telstra’s mobile business is under fire. And the telco is launching its own budget label, Belong Mobile.

6. The latest suspected dual citizen. South Australian senator Nick Xenophon says he won’t resign. Also read: Another Turnbull government minister has dual citizenship.

7. Wikileaks’ Julian Assange reportedly turned down a trove of documents. The WikiLeaks founder reportedly “gave excuse after excuse” for refusing to publish a trove of documents related to corruption within the Russian government.

8. The surprisingly frugal habits of 8 billionaires. Some of the richest people on earth are incredibly frugal, each one with their own penny-pinching habits.

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