A devaluing of the Chinese yuan has sent shock waves through the local market with miners sold off heavily as company earnings reports keep coming.
The Australian share closed nearly 2 per cent down to seven months lows as BHP shed over 4 per cent.
The S&P/ASX 200 index closed 91 points down to finish at 5,382.
The value of trades was $5.9 billion on volume of 913 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), BHP Billiton Limited
(ASX:BHP) and National Australia Bank Limited
(ASX:NAB)
On the futures market the SPI is 109 points down.
Economic news
Wage growth is at its lowest levels in 17 years. The ABS says private sector wages grew just half a per cent in the June quarter to be 2.2 per cent higher over the year.
Company news
Primary Health Care (ASX: PRY) has reported a full year net profit of $119.1 million up 3.9 per cent lift on the previous year's result. The pathology provider’s revenue in the period also rose 6.2 per cent to $1.618 billion. A final dividend of 11 cents per share was declared. Shares in Primary Health Care ended 4.27 per cent up at $4.64.
REA Group Limited
(ASX:REA) says profits are up 24 per cent and revenues are up by 20 per cent. Full year profit came in at $523 million slightly below expectations of $528 million. A final dividend of 40.5 cents will be paid. Shares in REA closed 3.81 per cent down at $41.20.
CSL Limited
(ASX:CSL) says exchange rate movements and one-off costs relating to the acquisition of the Novartis flu vaccine business have limited its profit growth to US$1.38 billion, a 5.5 per cent increase on last year.
Commonwealth Bank of Australia
(ASX:CBA) reported a record net profit of $9.14 billion and announced a $5 billion capital raising.
AGL Energy
(ASX:AGL) has reported a decrease in its full year profit to $218 million, down 62 per cent on the previous year thanks to write downs and one-off charges.
And Computershare Limited
(ASX:CPU) disappointed the market with a 39 per cent drop in net profit and warnings the stronger US dollar will impact business into 2016.
Best and worst performers
All sectors were lower today. The sector with the least losses was real estate investment trusts losing 0.5 per cent to close at 1,265. The worst performing sector was materials, losing 3.5 per cent to close at 8,207 points.
The best performing stock in the S&P/ASX 200 was the aforementioned Primary HealthCare. Shares in JB Hi-Fi and Northern Star also closed higher.
The worst performing stock was Computershare, dropping 9.32 per cent to close at $10.61. Shares in Liquefied Natural Gas and Fortescue Metals also closed lower.
Commodities
Gold is trading at $US1,113 an ounce. Light crude is $1.88 down at at $US43.08 a barrel. The Australian dollar is buying 72.61 US cents.
