STOCKS CRUSHED: Here's what you need to know

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The Australian market lost the ground it gained on Wednesday as investors ran from Greek debt fears, marked down the miners and sold bank stocks.

Here’s the scoreboard:

  • S&P ASX 200: 5,524.90 -70.53 -1.26%
  • All Ordinaries: 5,522.70 -67.56 -1.21%
  • AUD/USD: 0.7738 -0.0012 -0.16%

On Wall Street, the S&P 500 closed up 0.2%. On the local market, all ten sectors were in the red, smothering yesterday’s 1.08% gain.

Pure iron ore player Fortescue was down more than 4% to $2.13, Rio Tinto had lost 1.93% to $54.95 and Oil Search 2% to $7.36. The price of iron ore was down about 2% to $US60.90 a tonne.

Among the banks, the ANZ had lost 1.48% to $32.37 and Westpac 1.28% to $32.48.

The top stories Thursday:

1. This is why Australia’s $117 billion Future Fund prefers to invest mostly offshore.

2. Australian wages haven’t grown this slowly, for this long, since the last recession 25 years ago.

3. Bigger losses at BBY. Investigators have upped the estimated shortfall of funds at the failed stockbroker to $16 million from $10 million.

4. Australia’s job market is not as bad as many think. The ABS released its quarterly detailed labour force statistics.

5. Award-winning investment fund Regal Funds Management has handed back some $75 million to unit holders. The fund’s chief investment officer has been facing questions from ASIC about a trade in 2013 and two independent directors recently resigned from the board.

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