STOCKS SMASHED: Here's what you need to know

Australian stocks were crushed, wiping out all gains from Thursday’s rally, with the miners and banks leading the market down.

Here’s the scoreboard:

  • S&P ASX 200: 5,877.90 -69.57 (-1.17%)
  • All Ordinaries: 5,851.50 -66.12 (-1.12%)
  • AUD/USD: 0.7793 -0.0010 (-0.13%)

In the US, the S&P 500 index closed down 0.1%.

On the local market, nine out of ten sectors were weaker as investors took profits after Thursday’s 0.66% rise. Concerns over Greece’s debts weighed on the market.

The miners lost ground with BHP dropping 0.86% to $29.97 and Rio Tinto 1.40% to $55.09. Fortescue lost most of its gains of Thursday to close down 4.35% at $1.87.

Financials lost 1.4% across the board. The NAB was down 1.5% to $38.72, ANZ 1.17% to $35.60, Westpac 0.94% to $38.90 and Commonwealth 1% to $92.08.

The top stories Friday:

1. Disappearing oil prices. Santos posted a 24% drop in sales to $825 million for the March quarter as the fall in global oil prices bites into the energy producer’s business. Its shares closed up 0.38% to $7.97 in a falling market.

2. Coal rejected. AGL Energy, which brought the first gas street lamp to Sydney in 1884, will combat climate change by never building another coal-fired power station and making sure all existing plants are closed by 2050. Its shares closed down 0.6% to $14.98.

3. The worst may be over for the Australian economy. Greg McKenna on a clear, but subtle, upward trend taking hold.

4. The boom in residential construction, a large component of Australia’s economic rebalancing, is almost entirely been driven by foreign investment in residential property.

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