Australian stocks fell hard.
Here’s the scoreboard:
- S&P ASX 200: 5,288.60 -91.59 -1.70%
- All Ordinaries: 5,295.50 -84.33 -1.57%
- AUD/USD: 0.7321 -0.0027 -0.37%
On Wall St, the S&P 500 closed down 0.8% overnight. On the local market, all ten sectors were lower, more than wiping out Wednesday’s 1.45% gain.
A series of results, including the return to profit of Qantas, did nothing to help investor sentiment.
The Commonwealth Bank, which went ex-dividend Tuesday, was down 2.7% to $76.15 and the ANZ bank was off 2.38% to $29.13.
Energy stocks collectively lost more than 5% in value, with Woodside Petroleum down $3.56% to $31.69 and Santos more than 7% to $5.61. Among the miners, BHP lost 3.1% to $24.38 and Rio Tinto 2.45% to $49.41.
The top stories for Thursday:
1. The big turnaround. Qantas posts a full year underlying profit of $975 million, reversing last year’s record $2.8 billion loss. The best six months in the history of Qantas. And Qantas is making a huge bet that oil prices have further to fall. Qantas initially jumped 3% but at the close had lost more than 6% to $3.53.
2. Coles is surging ahead. Wesfarmers, which today posted an 8.3% rise in full net profit to $2.44 billion, released numbers showing its supermarket Coles growing faster than competitor Woolworths. Wesfarmers closed up more than 1% to $40.86.
3. Origin Energy sold down. The energy group announced a $658 million annual loss and plans to cut 800 staff. Origin closed down more than 13% to $8.60.
4. Wealth management group AMP is increasing its dividend payout after lifting profit by 33% to $507 million for the half year to the end of June. AMP was down 1.75% to $6.17.
6. APN News and Media announced a 67% fall in net profit to $7.5 million for the six months to the end of June. APN lost 12.8% to close at $0.57.
7. A stroke risk. Science has come up with another reason why you should ease back on those long working days.
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