STOCKS GO NOWHERE: Here's what you need to know

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The Australian market recovered from earlier losses to close flat with investors being cautious in the face of the Greek debt crisis.

Here’s the scoreboard:

  • S&P ASX 200: 5,538.80 -6.45 -0.12%
  • All Ordinaries: 5,541.50 -10.64 -0.19%
  • AUD/USD: 0.7726 -0.0006 -0.07%

On Wall St, the S&P 500 closed down 0.7%. On the local market, eight out of the sectors closed lower.

Energy stocks led the way down. Woodside Petroleum was 2.89% weaker at $35.67 and Santos 2.64% to $8.12.

The major banks gained ground with the NAB up 0.84% to $32.53.

The top stories Monday:

1. The Ten Network finally announces a $154 million capital raising, including a 15% stake going to Foxtel. Ten shares closed down 1.89% to $0.26.

2. Metcash sells its automotive business for $275 million and posts a full year loss of $384 million. Metcash closed down 2.26% to $1.13.

3. Shareholders at Amcom Telecommunications have voted in favour of a merger with Vocus Communications, firmly rejecting a blocking move by rival TPG.

4. Iron ore blues. Arrium is preparing to announce more falls in profits and bigger write-downs as it restructures, trying to bring down its costs to meet flagging commodity prices. It closed down 6.25% to $0.15.

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