All Ordinaries and Reserve Bank

Fortescue: Energy stocks and resources took a hit, with Fortescue down 6 per cent, BHP down 2.1 per cent and Santos down 6.6 per cent, according to Australian Broadcasting Corporation. The banks too closed lower, with the ANZ recording the biggest losses at just over 3 per cent. The ASX 200 closed down 110 points or 2.2 per cent at 5,096, while the All Ordinaries finished down just over 2 per cent to 5,117. Department store Myer reported a 70 per cent drop in net profit to $30 million. Despite recent volatility in the markets, the Reserve Bank kept the official interest rate on hold at 2 per cent as expected. It announced a five-year $600 million turnaround plan involving closing underperforming stores, cutting costs and enticing customers with new brands like Topshop. (news.financializer.com). As reported in the news.