Australian share market finishes week above 5,000 mark, despite day of losses

The local market finished the week back above the 5,000 mark, but lost some ground today due to the lower oil price and falls on overseas markets.

The All Ordinaries closed 38 points lower to 5,008, while the ASX 200 lost a little more to 4,952.

There was another deluge of company results today, from the good, to the bad, and the very ugly.

Medibank's half-year profits soared almost 60 per cent, to almost $230 million.

But shares were off a little, down 2 cents to $2.48.

The Tasmanian baby formula company Bellamy's Organic saw half-year profits grow by 325 per cent to $13.7 million after tax.

But incredibly, investors must have been expecting more — shares lost $1.92 to hit $12.

In the very ugly department, oil and gas producer Santos reported a $2.7-billion net loss for 2015 thanks to the plunging oil price. Shares dropped 15 cents to $3.39.

Meanwhile, media company Fairfax reported second-half profits up 4.2 per cent to $27.4 million after tax.

Shares lost 3 cents to 80 cents.

In commodities, West Texas Crude oil was lower, at $US30.72 a barrel, while iron ore climbed to $US46.50 a tonne.

Gold was down a little, but still up by about 15 per cent so far this year, at $US1,226 an ounce.

The Australian dollar is lower, buying just above 71 US cents around 5:00pm AEDT.

Source: ABC News

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