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

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The Australian market lost earlier gains to coast to a flat close while the rest of the world worried about a Greek debt default.

Here’s the scoreboard:

  • S&P ASX 200: 5,535.80 -2.97 -0.05%
  • All Ordinaries: 5,535.20 -6.32 -0.11%
  • AUD/USD: 0.7737 -0.0029 -0.37%

On Wall St, the S&P 500 was down 0.46%. On the local market, six out of ten sectors closed weaker. The big banks all gained ground with Westpac up 1.83% to $32.30 and the ANZS up 1.01% to $32.17.

The miners slipped with Fortescue Metals weaker by 4.92% to $2.32, BHP 0.61% to $27.75 and Rio Tinto 2.41% to $55.91.

The top stories Tuesday:

1. Warren Buffet magic. His company, Berkshire Hathaway, bought a 3.7% stake for $500 million in Australia’s IAG insurance group, strengthening a long term relationship and creating a strategic partnership. IAG’s shares rose 4.31% to $5.81.

2. Westpac is selling down its shareholding in BT Investment from 59% to between 31% and 40%, raising about $700 million.

3. Amazing vote. Shares in Amcom Telecommunications soared after shareholders overwhelmingly voted in favour of a merger with Vocus Communications and against a blocking move by rival telco TPG. Amcom closed up 14.6% at $2.66.

4. Debt and job fears are killing monetary policy in Australia. There’s confusion about what is happening in the economy at the household level.

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