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

Bicycle carnage. A pile of Obikes at Bronte, Sydney. Brook Mitchell /Getty Images

Australian stocks closed marginally higher.

Today’s scoreboard:

  • ASX 200: 5,897.60 +3.64 +0.06%
  • All Ordinaries: 5,962.50 +5.32 +0.09%
  • AUD/USD: 0.7816 +0.0008 +0.10%

The local market drifted to a flat close.

BHP was up 0.2% to $26.55. The major banks were marginally lower with the ANZ down 0.2% to $30.47.

Japara Healthcare was 7.5% higher at $2.00 after Moelis Australia managed funds acquired a 9.96% interest in the Aged Care provider.

Kogan.com dropped 13% to close at $3.98 after adding 5.5% yesterday on strong quarterly sales numbers.

Temple and Webster was up 8.1% to $0.40 after the online home wares retailer told the AGM that it was on track to hit profitability this financial year.

Top stories:

1. Solomon Lew takes aim at Myer. Lew, who controls 10.77% of Myer through his company Premier Investments, has launched an attack on the department store chain’s board of directors and a company which he says has lost its way. Myer shares were 0.6% higher at $0.75.

2. Australia’s easier rules for fintech startups. Draft legislation and regulations, foreshadowed in the May federal budget, to support innovation in financial services and fintech startups have been released.

3. How to future-proof the Australian economy. A vast report from the Productivity Commission looks at a range of areas for major policy reforms.

4. Melbourne fintech Verrency just raised $5 million. And says it’s now open to raise a further $US15 millon ($19.2 million).

5. Bitcoin will struggle as a payments system. Analysts at Bank of America Merril Lynch have weighed into the debate around Bitcoin’s role in the global financial system.

6. Why not all industry super funds are created equal. Stockspot has just released its 5th annual Fat Cat Funds report which analyses more than 2,000 super funds and 2,000 managed funds to see how they performed over five years.

7. Domino’s is paying $42 million to take full control of its Japan pizza business. The company says it now has a binding agreement after receiving a put option exercise notice from Bain Capital in May this year. Domino’s shares were down 1% to $49.23.

8. The owner of TerryWhite Chemists paid $9.5 million for a stake in an app. MedAdvisor, the maker of a medication management app, has just raised $9.5 million from EBOS. MedAdvisor shares were up 39% to $0.050.

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