US and European markets saw big losses overnight and the local market followed sinking 1.2 per cent by midday.
Even with some strong sets of profit results today the bourse couldn’t counter the global economic uncertainty around the US Federal Reserve’s rate hike plans and Chinese currency moves.
On top of this came a further slide in the oil price, pushing Aussie energy stocks even lower.
Qantas bucked the trend today seeing its share price gain as it posted healthy profit growth.
The S&P/ASX 200 index is 63 points down at 5,318. On the futures market the SPI is 83 points lower.
Company news
Wesfarmers Limited
(ASX:WES) has seen its full year profit dip 9.3 per cent to $2.44 billion. The conglomerate says earnings growth in food, liquor and petrol and home improvement was strong, but it was outweighed by weakness in its industrial and mining businesses. A final dividend of $1.11 will be paid, fully franked, which is up 5.7 per cent on last year. Shares in Wesfarmers are trading up 1.16 per cent at $40.85
AMP Limited
(ASX:AMP) has posted a stronger first half profit of $507 million, up 33 per cent on the same period last year. The company will pay an interim dividend of $0.14 which will be $0.119 franked. CEO Craig Meller says the performance reflects a strong contribution from the core Australian business and that the business efficiency program is on track. Shares in AMP are trading down 0.08 per cent at $6.28
Best and worst performers All major sectors were lower today. The sector with the least losses is consumer staples, down 0.3 per cent to 8,595. Shares in Wesfarmers Limited
(ASX:WES) have risen 1.16 per cent and trading at $40.85. Shares in Treasury Wine Estates Limited
(ASX:TWE) and Metcash Limited
(ASX:MTS) are lower.
The worst performing sector is energy, falling 4.6 per cent to 9,340. Shares in Liquefied Natural Gas Limited
(ASX:LNG) have fallen 14.55 per cent, trading at $2.35. Shares in Origin Energy Limited
(ASX:ORG) and Santos Limited
(ASX:STO) are also lower.
Gold and the dollar
Gold is trading at $US1,135 an ounce.
The Australian dollar is buying $US0.7357