The share market has tumbled in morning trade as the financial sector sunk and investors dumped shares in Cochlear and Domino’s Pizza despite strong profit growth from each company.
The big four banks weighed on the market after retreating from early gains, with NAB dropping almost two per cent to be the worst performer.
Cochlear was down 12 per cent after its 56 per cent rise in annual profit missed expectations, and Domino’s was down almost seven per cent as its 40 per cent profit growth failed to back up its high share price valuation.
The resources sector was stronger however, with higher commodity prices driving gains by BHP Billiton, Rio Tinto and Fortescue Metals.
KEY FACTS
* At 1205 AEST, the benchmark S&P/ASX200 index was down 33.2 points, or 0.6 per cent, at 5,576 points.
* The broader All Ordinaries index was down 30.9 points, or 0.56 per cent, at 5,474 points.
* The September share price index futures contract was down 36 points at 5,409, with 19,916 contracts traded.
* National turnover was 975 million securities worth $2.5 billion.