The Australian share market has finished 0.5 per cent lower, dragged down by energy stocks hit by falling oil prices.
The energy sector finished the session down by 4.4 per cent after market heavyweight Woodside Petroleum announced cuts to its dividend and a full year profit slump to $US26 million ($A36.62 million).
“Wednesday was a little bit disappointing for the Australian share market, but not wholly surprising given the negative lead from European markets and oil prices,” Bell Direct equities analyst Julia Lee said.
“Although the US market was high, it was playing catch up from the holiday that it had on Monday.”
West Texas crude was trading lower at $US29.10 a barrel after uncertainty following negotiations with top oil exporters Russia and Saudi Arabia.
Woodside Petroleum fell 6.9 per cent to $27.49, rival Santos dropped 3.5 per cent to $3.29 and Origin Energy was 1.8 per cent lower at $3.89.
Among the big miners, BHP Billiton was 3.6 per cent lower at $15.98 and Rio Tinto dropped 2.5 per cent to $42.11.
Ms Lee said earnings season was the other key driver of the market, with a slew of companies reporting on Wednesday.
The Reject Shop’s shares soared by $2.40 or 23.76 per cent, to $12.50 after announcing a 43 per cent profit jump.
Domino’s Pizza at one stage jumped by as much as 18 per cent after it announced net profit was up by 49 per cent, before ending trading six per cent higher at $55.52.
Meanwhile, shares in investor darling, CSL were down $3.92, or 3.7 per cent, to $102.08.
Ms Lee said the market had been revaluing growth stocks such as CSL and Blackmores.
National Australia Bank finished 54 cents higher at $25.52 and Westpac share were up 20 cents to $29.17, but Commonwealth Bank and ANZ both finished lower.
KEY FACTS:
* At the close on Wednesday, the benchmark S&P/ASX200 index was 27.9 points, or 0.57 per cent, lower at 4,882.
* The broader All Ordinaries index was down 23.2 points, or 0.47 per cent, at 4,938.4.
* The March share price index futures contract was 39 points lower at 4,836, with 41,921 contracts traded.
* National turnover was 1.9 billion securities traded, worth $5.3 billion.
