Market Wrap: Aus shares lower on mix of earnings

Market Reports

The Australian share market didn’t manage to push back into positive territory today, in a volatile day of trade it closed 0.2 per cent lower. 
 
Earnings results were a mixed bag but Crown Resorts and Super Retail Group both took investors favour as they pushed to the day’s best performers.
 
The dollar dipped just below $US0.78 this afternoon as minutes from the US Federal Reserve’s last meeting made it clear policy makers are concerned about the sustained strength of the greenback and the impact this will have on US exporters, pointing towards US rates staying lower for longer. 
 
The S&P/ASX 200 index closed 12 points down to finish at 5,904. 
 
The value of trades was $5.8 billion on volume of 869 million shares at the close of trade. The top three stocks by value were Toll Holdings Limited (ASX:TOL), Woodside Petroleum Limited (ASX:WPL) and Commonwealth Bank of Australia (ASX:CBA).
 
On the futures market the SPI is 6 points down.
 
Company news
 
Crown Resorts Limited (ASX:CWN) has seen its shares jump 9 per cent as it reported an interim net profit drop after suffering more than $60 million in impairments, partly due to its investment in Cannery. On a normalised basis the company’s profit rose 2.3 per cent to about $322 million. CEO Rowen Craigie has described the result as satisfactory when considering the subdued level of consumer sentiment. Crown closed 9.82 per cent up at $15.88
 
Super Retail Group Limited (ASX:SUL) also booked gains as it posted a first half profit drop but says the second half of the 2015 financial year has started well.  The owner of Rebel Sports and Supercheap Auto saw its net profit fall 45.5 per cent to $33.6 million in the first half even though group sales rose 5.7 per cent. Managing Director Peter Birtles says the overall results reflect a solid contribution from the auto and sports divisions offset by a lower contribution from the leisure division. Shares in Super Retail closed 9.97 per cent up at $9.71 
 
Virgin Australia Holdings Limited (ASX:VAH) has trimmed its net loss, and, returned to an underlying profit in the first half of the 2015 financial year.  
 
Wesfarmers Limited (ASX:WES) first half net profit is down 3.7 per cent on the back of selling insurance and industrial gas businesses.
 
Metcash Limited (ASX:MTS) will buy Southern Independent Liquor Group in a further consolidation of the liquor industry.
 
Origin Energy Limited (ASX:ORG) has back-flipped from an interim profit to a loss in the first half of the 2015 financial year.  
 
Best and worst performers

The best performing sector was consumer discretionary adding 1.3 per cent to close at 1,961. The worst performing sector was real estate investment trusts, losing 1.2 per cent to close at 1,302 points.
 
The best performing stock in the S&P/ASX 200 was Super Retail Group Limited (ASX:SUL), rising 9.97 per cent to close at $9.71. Shares in Crown Resorts Limited (ASX:CWN) and Beadell Resources Limited (ASX:BDR) also closed higher.
 
The worst performing stock was iiNet Limited (ASX:IIN), dropping 11.1 per cent to close at $6.41. Shares in PanAust Limited (ASX:PNA) and Drillsearch Energy Limited (ASX:DLS) also closed lower. 
 
Commodities

Gold is trading at $US1,216 an ounce. Light crude is $1.47 down at $US52.82 a barrel. The Australian dollar is buying $US0.7799
 
That’s the Market Wrap on 19 of February. I’m John Treadgold and thanks for joining me on the Finance News Network. We’ll leave you now with a look at the markets, have a great evening. 

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