The local market remained mired in negative territory this afternoon after a run of poor earnings results weighed on the market and it closed almost 0.7 per cent lower.
The sentiment was echoed by NAB’s monthly business survey which showed weaker readings for business confidence and conditions.
And the Chinese government says its moves to devalue the Yuan is an attempt to bring it closer to market forces, but its widely being read as an attempt to support the country’s manufacturers.
The S&P/ASX 200 index closed 36 points down to finish at 5,473.
The value of trades was $5.5 billion on volume of 747 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia
(ASX:CBA), BHP Billiton Limited
(ASX:BHP) and ANZ Banking Group
(ASX:ANZ).
On the futures market the SPI is 32 points down.
Company news
Shares in Cochlear Limited (ASX: COH) have posted their biggest decline in more than two years after a disappointing full year result. The global biotech announced a net profit of $145.8m for the year ended June 30, a 56 per cent increase on the previous year. But the figure fell short of analyst expectations, the consensus forecasting about $156.9m. Cochlear closed 7.2 per cent down at $83.56
Transurban Group
(ASX:TCL) shares also dipped today as it reported a full year loss of $373 million. The company swung to a statutory net loss from a net profit of $252 million last year on the back of costs incurred through acquiring Queensland Motorways. Revenue in the period pushed to $1.86 billion, from $1.15 billion a year earlier, thanks to a strong lift in toll revenue. Shares in Transurban closed 1.28 per cent down at $9.99
Domino’s Pizza
(ASX:DMP) has recorded a 40 per cent increase in net profit to $64 million for FY 2015.
Bradken
(ASX:BKN) has reported a full-year net loss of $241.3 million, a sharp decline from the $21.5 million profit it recorded last financial year.
Beach Energy Limited
(ASX:BPT) is set to acquire a 40 per cent stake in a Cooper Basin oil permit, from AGL Energy, for some $1.15 million.
Worleyparsons Limited
(ASX:WOR) has flagged a $200 million impairment of goodwill in the run-up to releasing full year results on the 26th of August.
Best and worst performers
The best performing sector was materials adding 1.1 per cent to close at 8,501. The worst performing sector was health care, losing 1.6 per cent to close at 18,832 points.
The best performing stock in the S&P/ASX 200 was Greencross Limited
(ASX:GXL), rising 14.38 per cent to close at $6.84. Shares in Liquefied Natural Gas Limited
(ASX:LNG) and Paladin Energy Limited
(ASX:PDN) also closed higher.
The worst performing stock was FlexiGroup Limited
(ASX:FXL), dropping 17.89 per cent to close at $2.57. Shares in JB Hi-Fi Limited
(ASX:JBH) and Cochlear Limited
(ASX:COH) also closed lower.
Commodities
Gold is trading at $US1,102 an ounce.
Light crude is $1.09 up at $US44.96 a barrel.
The Australian dollar is buying $US0.7322.
