The share market has fallen as the financial sector languished in the red and a mixed bag of earnings reports failed to inspire investors.
All four big banks lost ground, with Commonwealth the worst performer with a decline of 1.2 per cent, while AMP was hit hard after announcing a 10 per cent decline in half year underlying profit.
AMP dropped 27 cents, or 4.7 per cent, to $5.52, after earlier hitting a low of $5.42.
“On the negative side of things I think there was some continued reaction to yesterday’s reports with QBE and CSL,” CMC Markets chief market analyst Ric Spooner said.
Biotechnology giant CSL fell $3.14, or 2.8 per cent, to $107.70 as investors continued to sell in response to the company’s disappointing outlook for the current financial year.
Insurer QBE dropped 22 cents, or 2.15 per cent, to $10.02, adding to the previous session’s 8.3 per cent drop after its annual profit fell 46 per cent.
The resources and energy sectors were relative bright spots on the market on Thursday as the continuing rise in oil prices bumped share prices.
But Origin Energy shed seven cents to $5.77 after it suspended dividends and posted a full year loss of $589 million.
Webjet was a standout performer, adding $1.65, or 20.5 per cent, to $9.70 after posting annual profit growth of 27 per cent, while Penfolds producer Treasury Wine Estates jumped $1.10, or 11.5 per cent, to $10.65 as its annual profit more than doubled.
KEY FACTS:
* The benchmark S&P/ASX 200 index dropped 27.2 points, or 0.49 per cent, to 5,507.8 points.
* The broader All Ordinaries index shed 20.8 points, or 0.37 per cent, to 5,607.3 points.
* The September share price index futures contract was down 35 points at 5,476 points, with 30,167 contracts traded.
* National turnover was 2.6 billion securities traded, worth $6.5 billion.
