STOCKS FALL: Here's what you need to know

A waterslide in Auckland, New Zealand. Phil Walter/Getty Images

The Australian Market slipped lower after two straight days of gains, as energy stocks tanked on weakening oil prices and dragged down the miners.

Here’s the scoreboard:

  • S&P ASX 200: 5,932.20 -28.53 (-0.48%)
  • All Ordinaries: 5,901.50 -26.81 (-0.45%)
  • AUD/USD: 0.7690 +0.0008 (+0.10%)

In the US, the S&P 500 index closed down 0.3%.

On the local market, eight out of ten sectors were weaker. Woodside was down 2.68% to $34.13 and Santos 0.54% to $7.37. BHP lost 1.79& to $30.19 and Fortescue Metals 2.58% to $1.89.

The major banks all lost ground, led by Westpac, 0.6% weaker to $39.52.

The top stories Thursday:

1. Texas energy giant Apache Corporation is getting out of oil in Australia, selling its assets to a consortium of private equity funds managed by Macquarie Capital Group and Brookfield Asset Management for $US2.1 billion ($A2.7 billion).

2. Construction activity is expandingfor the first time in five months, according to the AiG/Housing Industry Association Performance of Construction Index.

3. BC Iron, in a quarterly report to the market, says it’s on track to lower cost per tonne to between $US47 and $US51 this financial year and more cost cutting to come in 2016. The miner ended the quarter with cash of $107.5 million and debt of $US35.8 million. Its shares closed 7.27% higher at $0.295.

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