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

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The Australian market ended a three-day rally, losing the week’s gains , after a flat Wall Street and Greece’s approaching referendum on bailout conditions.

Here’s the scoreboard:

  • S&P ASX 200: 5,538.30 -61.52 -1.10%
  • All Ordinaries: 5,528.00 -59.93 -1.07%
  • AUD/USD: 0.7583 -0.0049 -0.64%

On Wall St, the S&P 500 closed flat in thin trade ahead of the July 4 holiday weekend.

On the local market, all ten sectors were in the red, closing down a combined 1.10% after Thursday’s 1.5% rise. The market has lost just 0.14% for the week.

The energy sector fell 2.38%. Origin Energy was down 3.45% to $11.75, Oil Search 3.28% to $7.07 and Santos 3.14% to $8.01.

The banks were being sold down hard in early trade but recovered some ground in the afternoon. The ANZ closed 1.27% weaker at $32.46, the NAB 0.97% to $33.71, the Commonwealth 0.9% to $86.66 and Westpac 0.76% to $32.76.

BHP lost 1.52% to $26.41 and Fortescue 4.71% to $1.82.

The top stories on Friday:

1. Another sign that Qantas is back. The airline is giving all its staff, who’ve been on an 18 month pay freeze, a 5% thank you bonus which will cost about $90 million. Qantas closed down 2.4% to $3.20.

2. Chi-X Australia, the main competitor to the ASX, is getting closer to a proposal to get big offshore stocks such as Google and Apple to list locally so fund managers can add exposure to their portfolios.

3. What’s going to happen at the Greek referendum? Here’s a 10-second guide to Sunday’s poll.

4. Iron ore exports from Port Hedland hit a record high in June. And prices take a big tumble.

5. Australian retail sales miss expectations for May. Sales rose by just 0.3%.

6. There’s a revolution coming to Australia’s bond market for retail investors. The launch of exchange-traded bond units.

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