Australian share market sees mixed day of trade as firms unveil profit results
More than a dozen large firms released their profit results today, and the end result was a very mixed session of trade on the local market as investors sold off their energy stocks, then dialled in for a pizza and coke.
The All Ordinaries closed at 4,938, a loss of 23 points, while the benchmark ASX 200 finished 27 points lower to 4,882.
Woodside reported a full-year net profit slump of just $37 million, down 99 per cent thanks to the price of oil. Shares dived more than $2 to $27.49.
The energy sector as a whole was down by almost 4 per cent today, as the OPEC reached an agreement on production levels overnight.
Big insurer IAG reported a 20 per cent fall in half-year profits to $466 million. Its shares lost seven cents to $5.18.
Over at ANZ things were looking better - the bank reported $1.6 billion in profit for the quarter, but shares dropped 13 cents to $23.14 on warnings its bad debts in Asia are likely to rise.
So the best business to be in, it seems, is pizza.
Domino's reported a 50 per cent jump in profits to $43 million and stocks also lifted more than $3 dollars to $55.52.
And Coca-Cola Amatil posted a 45 per cent rise in profit to almost $400 million. Its shares lifted 35 cents to $8.80.
Around 5:00pm (AEDT) the Australian dollar was buying just under 71 US cents.
Gold was higher at US$1,207 an ounce, iron ore was higher at just above US$46 a tonne, and West Texas Crude was fetching $US29.00 a barrel.
Source: ABC News