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

Jemuel Pryse of Victoria competes in the mens U18 pole vault at the Australian Junior Athletics Championships at Sydney Olympic Park today. Mark Metcalfe/Getty Images

Australian stocks ended the week in a slump, despite a stronger Wall Street, as local investors bid down the big miners and banks.

Here’s the scoreboard:

  • S&P ASX 200: 5,814.50 -35.67 (-0.61%)
  • All Ordinaries: 5,788.00 27.98 (-0.48%
  • AUD/USD: 5,814.50 -35.67 (-0.61%)

Wall St surged overnight with the S&P 500 closing 1.3% higher.

On the local market, all sectors ended the session lower. The big miners lost ground, including BHP which fell below the $30 mark to $29.78, a fall of 1.46% on the day. The big banks were all down 0.5% or more, led by Westpac, weaker by 0.76% to $37.80.

The ASX 200 is down 1.4% for the week.

The top stories on Friday:

1. $1.4 billion takeover. This is what the new TPG will look like when it absorbs iiNet. TPG closed up 17.7% to $9.11.

2. Lynas Corporation has extended its losses by almost 60% to $103.5 million in the half year to December. The rare earth miner is cutting costs, reviewing operations and talking with debt providers to get cheaper finance. Its shares closed down almost 4% to $0.049.

3. US dollar on the march: ANZ slashed its Euro forecasts and drags the Aussie lower.

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