AUSTRALIAN STOCKS TAKE A FALL: Here's what you need to know

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Australian shares closed down.

Today’s scoreboard:

  • ASX 200: 5,673.80 -55.13 -0.96%
  • All Ordinaries: 5,717.70 -50.77 -0.88%
  • AUD/USD: 0.7653 +0.0015 +0.20%

The local market went on a long slide with the ASX200 dropping below the key 5700 point level.

The banks were the main drag with the ANZ down 1.5% to close at $28.41 and the NAB 1.2% to $29.72.

On the positive side, Fortescue Metals was up 0.6% to $5.31 and BHP 0.4% to $24.88.

Wattle Health was up 22% to $0.58 after it announced conditional agreement to acquire a 5% equity interest in the Australian infant formula maker Blend and Pack, which has regulatory accreditation in China.

Recruitment platform LiveHire added 1.8% to close at $0.56 after signing Gina Rinehart’s Roy Hill, the 55 million tonne mining, rail and port operation in the Pilbara, as a client.

Top stories:

1. Higher energy and mortgage costs. Morgan Stanley remains cautious on the outlook for the Australian economy.

2. A rival of failed startup Buzinga is offering help. Jobs for unemployed staff.

3. A billionaire’s son faces a $28 million tax bill. He should have listened to his father.

5. Sheets and pillows. Adairs, which made a poor start to the year, now expects sales for the second half be up 8.3% to $140.4 million. Its shares added 34% to close at $1.275.

6. Most Australians are feeling glum. Why there’s such a gulf between Australian business and consumer confidence right now.

7. More outages ahead for the ATO. ATO: “We do anticipate there may be some further minimal disruption to our services as we continue work to implement the IT improvements.”

8. How to get the most out of positive thinking. Science has a tip.

9. Fair use, or free use? Behind the interests and alliances that stand to gain from changes to Australia’s copyright law.

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