Market Wrap: Slater & Gordon hammered as ASX trades flat

Local shares lost most of their earlier gains today following a sharp fall in Chinese shares.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) flat at 4880 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) up 0.1% to 4947 points
• AUD/USD at US 71.40 cents
• Iron Ore at US$48.29 a tonne, according to the Metal Bulletin
• Gold at US$1,225.77 an ounce
• Brent oil at US$35.76 a barrel

Chinese shares sunk to their lowest level in 12 months today which weighed on the confidence levels of investors closer to home.

The big four banks were among those affected, with National Australia Bank Ltd. (ASX: NAB) shedding 0.9%, and Australia and New Zealand Banking Group (ASX: ANZ) losing 0.7%.

Wesfarmers Ltd (ASX: WES) also lost 3.1%, but Woolworths Limited (ASX: WOW) rose 2.5%, adding to Friday's gains.

The gold miners mostly fell following a pullback in the gold price, but Slater & Gordon Limited (ASX: SGH) was the big loser for the day, its shares plummeting 30.1%. They did fall as much as 43.4% earlier.

Vocus Communications Limited (ASX: VOC) and Mesoblast limited (ASX: MSB) were at the other end of the scale, rising 11.6% and 9.7%, respectively.

Here are Monday's top stories:

1. CRASH: Slater & Gordon Limited reports $958 million loss and axes dividends
2. 3 ASX growth shares that need your attention now
3. Why the Cash Converters International Ltd share price is soaring today
4. 3 companies generating huge growth
5. Are the iron ore miners set to gap down again?
6. Who wants to retire in their 30s?
7. Will the Reserve Bank of Australia cut interest rates on Tuesday?