The sharemarket is lower after disappointing results from CSL and Suncorp Group sent their stocks dipping, while falling oil prices dented the energy sector.
Shares in market heavyweight, the Commonwealth Bank also fell despite it announcing a recorded half-year profit, but the CBA shares descended from recent record highs.
The All Ordinaries was down half a per cent at intraday trading on Wednesday, despite a positive start to the day.
“We’ve had some major reports out today – they’re leading the wag in trade down today,” said Phillip Capital’s senior client adviser Michael Heffernan.
“That’s obviously going to set the tone of the overall market.”
Pharmaceuticals giant CSL and finance group Suncorp both wound back their full year guidance on Wednesday after softer than expected first half results.
This led to large stock turnovers and dropping share prices, with CSL falling $7.12 cents, or 7.9 per cent, to $82.88 and Suncorp down 30 cents, or 2.1 per cent, to $14.12.
Commonwealth Bank’s stocks had fallen 61 cents to $91.98 despite the bank reporting a first half cash profit rise eight per cent to $4.62 billion.
“It’s gone up 10 per cent in the last two weeks – there was over exuberance I think you – can’t keep doing that forever,” Mr Heffernan said.
He said these movements belie good reports from other companies such as Boral, AGL and Dominoes.
“It’s the big ones that have let the team down.”
The other big banks fared better, with Westpac up five cents to $36.86, ANZ had gained 19 cents to $35.09 and National Bank was one cent lower at $37.02.
Tumbling crude oil prices overnight hurt the energy and mining sectors.
Santos was down 24 cents, or 3 per cent, to $7.73, Woodside was 82 cents lower at $34.38 and Oil Search had dropped 19 cents to $8.03.
Mining giant BHP Billiton had fallen 37 cents to $31.02, Rio Tinto had dropped 78 cents to $59.92 and Fortescue Metals was down 1.5 cents to $2.475.
Telstra was up four cents at $6.55.
KEY FACTS
* At 1224 AEDT on Wednesday, the benchmark S&P/ASX200 index was down 37.4 points, or 064 per cent, at 5,763.2.
* The broader All Ordinaries index was down 31.2 points, or 0.54 per cent, at 5,726.4.2.
* The March share price index futures contract was down 44 points at 5,709 with 18,641 contracts traded.
* National turnover was 737 million securities worth $2.1 billion.
