STOCKS SLUMP: Here's what you need to know

On a mountain bike at Heaven Ladders of Tianmen Cave with 999 steps in Hunan province, China. ChinaFotoPress/ChinaFotoPress via Getty Images

The Australian market ended its four-session rally with most sectors in the red following a global equities sell-off.

Here’s the scoreboard:

  • S&P ASX 200: 5,725.30 -48.10 -0.83%
  • All Ordinaries: 5,724.20 -46.20 -0.80%
  • AUD/USD: 0.7750 +0.0014 +0.17%

On Wall St, the S&P 500 was down 1% overnight. On the local market, the banks and the big big miners all lost ground.

BHP was 1.61% weaker at $29.340, Rio Tinto 1.68% to $57.31 and Fortescue off 1.67% to $2.36. Westpac led the banks, closing 1.34% down at $33.20.

The top stories for Wednesday:

1. Good wine, smaller profits. McGuigan wines reported a low yield vintage for 2015 which produced outstanding wines and but give reduced profits. Its shares closed down 5% to $0.38.

2. The value of Australian construction work completed tumbled in the March quarter.

3. Failed stockbroker BBY had been losing money for about many months before it went under, according to investigations by administrators KPMG.

4. Westpac: Australia’s growth outlook is improving, although it may not last. The leading index for April jumped to +0.43% from -0.02% in March.

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