The share market is lower as disappointing corporate earnings outweigh the positives of an extension of Greece’s emergency funds.
The market opened higher but fell into negative territory as financial results from companies including Coles owner Wesfarmers and iiNet missed expectations, and the energy sector slumped on lower oil prices.
Quay Equities head of trading Tristan K’Nell said investors appeared to be reacting to several days of mixed financial results.
“Over the past few sessions the market has had surprising outperformance into the afternoon session despite the mixed earnings releases, however today the market does look tired,” he said.
“Given no significant economic releases in the region, today could be the day we have a sluggish afternoon of trade.”
Wesfarmers was one of the worst performers, down 99 cents, or 2.2 per cent, at $44.90 as a seven per cent rise in half year earnings for its Coles supermarkets missed market forecasts.
Woolworths was up two cents at $32.84.
Internet provider iiNet was down 75.5 cents, or 10.5 per cent, at $6.455 as its half year profit grew by just one per cent.
Telstra was steady at $6.63 and TPG Telecom had dropped 16 cents to $7.27.
The energy sector was another poor performer, with Woodside down 68 cents at $35.77, Oil Search down seven cents at $8.41 and Santos seven cents weaker at $8.23.
James Packer’s Crown Resorts was one of the strongest performers, up $1.10, or 7.6 per cent, at $15.56 after its normalised half year profit and revenue growth was greater than expected.
AMP also impressed with a 32 per cent rise in annual net profit, sending its shares 13 cents higher to $6.63.
IAG was making up some of the ground it lost on Wednesday after its disappointing half year report, adding 19 cents to $6.04.
The banks had fallen since a positive start to trade, with ANZ down 15 cents at $34.98, National Australia Bank down nine cents at $37.67, Westpac one cent weaker at $37.99 and Commonwealth Bank up 3.5 cents at $90.745.
BHP was down 39.5 cents at $32.585 and Rio Tinto was up 16 cents at $63.54.
KEY FACTS
* At 1210 AEDT on Thursday, the benchmark S&P/ASX200 index was down 13.3 points, or 0.22 per cent, at 5,902.4 points.
* The broader All Ordinaries index was down 10.5 points, or 0.18 per cent, at 5,867.4 points.
* The March share price index futures contract was 16 points lower at 5,860 points, with 15,104 contracts traded.
* National turnover was 818 million securities worth $2.7 billion.
