STOCKS SLUMP: What you need to know

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The Australian market ignored the RBA leaving the door open to further interest rate cuts and dipped for the second session in a row.

Here’s the scoreboard:

  • S&P ASX 200: 5,615.50 -43.70 -0.77%
  • All Ordinaries: 5,619.40 -40.60 -0.72%
  • AUD/USD: 0.7992 +0.0002 +0.03%

On Wall Street, the S&P 500 index closed up 0.3%. Nine out of ten sectors were in the red, with consumer staples down almost 2% as a group.

Supermarkets were out of favour with Woolworth’s weaker by 2.6% at $28.10, Wesfarmers, with Coles, down 1.78% to $43.710 and Metcash, operator of IAG, losing 2.86% to $1.36.

The miners lost ground and most of the banks closed weaker. BHP was down 1.66% to $29.63.

The top stories for Tuesday:

1. Investors like South32 after all. Its shares bounced higher after a weak start Monday. Its shares closed 13.66% higher at $2.33.

2. More cuts? Here’s the confirmation that the RBA’s May rate cut may not be its last.

3. BBY has bigger capital problems than anyone thought. The money owed by the failed stockbroker is piling higher the deeper investigators dig into the books.

4. A better ovarian cancer treatment. Prima BioMed is now looking for a partner to get the vaccine to the world. Its shares closed up 54% to $0.034.

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