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

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The Australian market closed weaker, dragged down by falling banks stocks and a set of mostly underwhelming profit results.

Here’s the scoreboard:

  • S&P ASX 200: 5,858.20 -30.46 (-0.52%)
  • All Ordinaries: 5,822.30 -27.22 (-0.47%)
  • AUD/USD: 0.7798 +0.0025 (+0.32%)

Wall Street was closed for a public holiday and the Australian market looked closer to home for signs.

The Commonwealth Bank went ex-dividend, closing down 3.71% to $90.

The top stories on Tuesday:

1. The falling price of iron ore. Fortescue Metals interim results are just above analyst expectations with net profit down 81% to $331 million. It’s shares lost 4.85% to close at $2.55.

2. SEEK shares lost 8.7% to close at $17.10 after its first half profits failed to meet expectations.

3. Dick Smith was punished. Sales for the six months rose 8.9% to $694 million but net profit was up just 0.8% to $25.2 million. The shares closed down 6.67% to $2.10.

4. Coca-Cola Amatil rewarded. The beverage manufacturer posted a 25.3% drop in underlying profit to $375.5 million with revenue falling as the company restructures. Its shares closed up 6.31% to $10.61.

5. Big day for results. Amcor shares were up 2.58% to $13.52. Macquarie Group was at a post-GFC high of $70.90. The ANZ closed down 2.45% to $34.99 after releasing quarterly results.

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