The ASX S&P 200 closed down 0.5% today after some big company announcements this morning.
Qantas reported a record financial year net loss of $2.84 billion earlier today but the market appears to be satisfied with CEO Alan Joyce’s plan to transform the airline into one that generates profits — its shares closed up 6.95% at $1.385 a piece.
“The loss managed to beat consensus expectations of a $738 million loss,” CMC Markets equities dealer Chay Flack said.
There’s broad-based selling, however, with the miners and banks losing ground, dragging down the bourse.
The weakening iron ore price saw Rio Tinto close down 1.668% to $63.06, BHP Billiton lower 1.205% at $36.88, Atlas Iron shedding 7.32% to $0.57 a share and Fortescue Metals Group fell 3.94% to $4.41.
“The second largest capped stock BHP was back under selling pressure as investors focussed on a business which holds Iron Ore as the centre of its four asset pillars and a developing China story, which took a surprising turn at last week’s flash PMI figures. The miner has seen $2.50 (6.3%) taken off its August peak price,” CMC Markets sales trader Betty Lam said.
Nine Entertainment also reported its full year results today, posting good growth in revenue and profits. Net profit was up 5.5% to $57.9 million for the full year on the back of revenue of $1.55 billion, up 5.8% but stocks closed out the day down 3.33% to $2.03 a share.
Data analytics company Veda Group has seen some large trading volumes transacting today after it was revealed on Wednesday night its private equity backer Pacific Equity Partners was looking to offload almost $600 million worth of shares. Veda closed trading up 0.45% at $2.21 a share.
Here’s the chart showing the drop off since trade opened today.
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