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

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Australia stocks ended a week of gains as investors ran from increased fears of a Greek debt default, leaving a sea of red on the local market.

Here’s the scoreboard:

  • S&P ASX 200: 5,632.70 -54.07 -0.95%
  • All Ordinaries: 5,619.90 -52.84 -0.93%
  • AUD/USD: 0.7748 +0.0046 +0.60%

On Wall St, the S&P 500 closed down 0.7%. On the local market, all sectors were down.

The banks were either weaker or flat, led by Westpac, down 1.07% to $33.31. AMP was down 1.6% to $6.15.

Fortescue Metals lost 3.64% to $2.12, Origin Energy 2.57% to $12.52 and BHP just 0.14% to $28.51.

The top stories Thursday:

1. Slater and Gordon shares got smashed on reports that UK regulators are investigating a company from which the law firm bought its professional services for $1.3 billion. Its shares closed down 17.46% to $5.06.

2. Tiny ASX-listed company 3D Medical Limited, which created a titanium jaw for a Melbourne man in an Australian-first surgery, has signed a deal to create another 25 over the next 12 months. Its shares closed up 4.17% to $0.12.

3. The owner of Sizzler restaurants, Collins Foods, has stopped investing in the chain as the once favourite family dining destination fails to bring returns. Collins Foods shares were up 2.63% to $2.73.

4. Lynas Corporation’s shares jumped after the rare earths miner told the market it doesn’t know why it’s been sold down this week. Its shares were up 6.06% to $0.035.

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