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

Storm clouds pass over fishing boats in Melbourne. Michael Dodge/Getty Images

Australian stocks closed lower.

Here’s the scoreboard:

  • S&P ASX 200: 5,323.20 -55.36 -1.03%
  • All Ordinaries: 5,395.20 -52.60 -0.97%
  • AUD/USD: 0.7267 +0.0033 +0.46%

Local shares fell as the dollar rose against the US dollar on the back of a stronger than expected GDP number.

The falls, with nine out of ten sectors in the red, were greater than Wall Street’s where the S&P 500 closed down 0.1% overnight.

BHP was the biggest drag on the local market, losing more than 3% to close at $18.49. Rio Tinto ended the day at $43.79, down 2%.

The major banks all lost more than 1% each, led by the NAB which dropped 1.4% to close at $26.76

Among energy stocks, which lost more than 3% as a group, Santos dropped almost 4% to close at $4.35 and Woodside 1.8% to $26.91.

Tech Empire added 14% to $0.40 after announcing an ahead of target revenue milestone of $25 million in ten months.

Cancer treatment company Sirtex dropped 6.7% to $29.39 after releasing a poor market outlook update.

The top stories Wednesday:

1. The economy roars. Real gross domestic product (GDP) grew by 1.1% in the first quarter. Also read: Here’s what economists are saying about Australia’s bumper GDP report.

2. Risk reduction. The Future Fund is hunting for better yields through venture capital and innovation investments.

3. The death of the suit? PricewaterhouseCoopers, the top end of town accountancy and consulting group, has abandoned its old professional-style dress code for staff.

4. Going dark. NBN Co wants to cut its quarterly rollout updates to just once a year.

5. An $80 million IPO. Gold Coast-based music streaming platform Guvera has lodged its prospectus.

6. Getting there on time. Jetstar is easily Australia’s most delayed airline.

7. The Netella kebab? The latest from Tella Balls Dessert Bar.

8. And the latest from Melbourne. A deconstructed latte.

9. But Rockpool is closing. It’s the end for Neil Perry’s Rockpool, one of Australia’s greatest restaurants.

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