AUSTRALIAN STOCKS SLUMP: Here's what you need to know

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Australian stocks closed lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,099.20 -20.29 -0.40%
  • All Ordinaries: 5,157.70 -22.57 -0.44%
  • AUD/USD: 5,157.70 -22.57 -0.44%

The market regained some lost ground after tracking about 1% lower for most of the day. However, eight out of ten sectors closed weaker, adding to Monday’s 1.83% plunge.

Again, the banks were out of favour with investors. The Commonwealth Bank was down 1.09% to $74.76.

The miners were mixed. BHP added 0.7% to $21.57, clawing back a small part of the 8% shed since Friday after a fatal mine disaster in Brazil.

Cabcharge was up more than 5% to $2.76 after the consumer watchdog, the ACCC, accepted an amended proposal to launch a taxi booking smartphone app called ihail.

The top stories Tuesday:

1. Turning up the heat. Qube announced its own full takeover bid for Asciano, the local company with key port terminal assets also subject to an offer from Canada’s Brookfield Infrastructure.

2. Accelerating. Currency exchange service website OzForex is rapidly expanding, posting a 30% jump in half year revenue to $58.139 million.

3. Jetpacks for the Middle East. Martin Aircraft has signed a memorandum of understanding (MOU) with Dubai to supply jetpacks and training to its civil defence and fire services.

4. Looking for more content. Online retailer SurfStitch is on track to double full year earnings to between $15 million and $18 million.

5. More to come. The unwind in Australian mining sector employment is just getting started.

6. The big fall. Investor property loans were down by 8.5% in September.

7. MALCOLM METER STALLS: Business conditions steady but confidence drops.

8. How to ensure you don’t cop a lawsuit after the office Christmas party. The Christmas-New Year period is called the silly season for a reason.

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