The Australian share market is flat, with strong gains from heavyweight Commonwealth Bank offset by a disappointing first half profit result from Woolworths.
“This is translating into not much change at all – they’re counterbalancing each other a bit,” CMC Markets analyst Ric Spooner said.
Shares in the supermarket giant have been hammered after a net profit slide led to a downgrade of its full year guidance.
Woolworths shares dropped 8.98 per cent, or $3.05, to $30.90 at 1201 AEDT.
Mr Spooner said the whole consumer staples space was taking a hit.
Coles owner Wesfarmers was down $1.00, or 2.2 per cent, to $44.44 and the owner of the IGA Supermarkets brand, Metcash slumped $3.50, or 2.2 per cent to $1.53.
Meanwhile, CBA is having a strong day as investors seek to replace stock sold as a consequence of Thursday’s option expiry, Mr Spooner said.
Commonwealth Bank was up $1.15, or 1.3 per cent, at $91.57, National Australia Bank was eight cents higher at $37.70, ANZ jumped seven cents to $35.23 while Westpac dipped eight cents to $37.60.
The energy sector lost ground after world oil prices plummeted overnight.
West Texas Intermediate for April dived $2.82 to $48.17 a barrel.
Woodside Petroleum was down 14 cents to $34.76, Oil Search fell 12 cents to $8.06 and Santos was nine cents lower at $7.86.
BHP Billiton sunk seven cents at $33.49 while Fortescue rose one cent to $2.49 and Rio Tinto clawed back 62 cents to $64.32.
Company results were mixed on the last day of February earnings season.
Payments system operator Cabcharge fell five cents to $5.02 after a 13.4 per cent slump in half year profit.
The owner of Penfolds, Wolf Blass and Lindemans, Treasury Wine Estates was two cents stronger at $5.45 despite its first half net profit falling 60 per cent.
Harvey Norman surged eight cents to $4.43 after the retailer lifted half year net profit 27.4 per cent.
KEY FACTS
* At 1201 AEDT on Friday, the benchmark S&P/ASX200 index was up 0.5 points, or 0.01 per cent, at 5,909 points.
* The broader All Ordinaries index was up 1.6 points, or 0.03 per cent, at 5,879.5.
* The March share price index futures contract was nine points higher at 5,887, with 10,846 contracts traded.
* National turnover was one billion securities worth $4.5 billion.
