STOCKS SLIDE: Here's what you need to know

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The Australian market coasted to a weak close, extending losses from Wednesday with mixed results among banks and miners.

Here’s the scoreboard:

  • S&P ASX 200: 5,713.10 -12.20 -0.21%
  • All Ordinaries: 5,714.60 -9.60 -0.17%
  • AUD/USD: 0.7699 -0.0035 -0.45%

On Wall St, the S&P 500 closed 0.9% higher. On the local market, seven out of ten sectors ended weaker, adding 0.21% to Wednesday’s 0.83% loss

Fortescue Metals was up almost 3% to $2.43, a carryover from reports of Chinese interest in buying a stake in the iron ore miner. BHP was down 0.48% to $29.20 but Rio Tinto was up 0.59% to $57.65.

Westpac was down 0.24% to $33.12 and the Commonwealth 0.75% to $83.50. But the ANZ was up 0.62% to $32.72.

The top stories for Thursday:

1. BBY will trade again. George Wang’s AIMS Financial will keep the brand BBY after buying some of the assets in the failed stockbroker.

2. Real-time feed from the battle ground. Military contractors are taking an intense interest in a small Australian company called Spookfish which creates 3D imaging systems. Its shares closed up more than 17% at $0.067.

3. Horrible capex data puts rate cuts in play. The 2015-16 expected capital expenditure came in at $104.033 billion, well short of expectations of a figure above $110 billion.

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