The local share market has well and truly struggled for momentum this session, opening in the red, despite a positive lead from Wall Street and closing 0.57 per cent lower. Energy stocks were hit the hardest after a fall in the oil price overnight and disappointing financials from Woodside didn’t do anything to aid the share price; it lost almost 7 per cent. Big miners BHP and Rio Tinto also had a tough day, retreating almost 4 and 3 per cent respectively.
The S&P/ASX 200 index closed 28 points lower to finish at 4,882.
The value of trades was $5.7 billion on volume of 896 million shares at the close of trade. The top three stocks by value were ANZ Banking Group
(ASX:ANZ), Commonwealth Bank of Australia
(ASX:CBA) and National Australia Bank Limited
(ASX:NAB).
On the futures market the SPI is down 45 points.
Company news Woodside Petroleum
(ASX:WPL) has reported a savage 99 per cent decline in net profit to US$26 million on the back of tumbling oil prices. Revenues also decreased by US$2.6 billion to US$4.5 billion. Woodside cut its full-year dividend by 57 per cent to US$1.09, which was ahead of expectations. Shares in Woodside closed 6.94 per cent lower at $27.49.
A2 Milk Company Limited
(ASX:A2M) has reported a lift in net profit to $NZ10.1 million in the six months to 31 December, versus $125,000 the previous corresponding period.
Insurance Australia Group
(ASX:IAG) has reported a 20 percent fall in net profit to $466 million for the six months to 31 December, down from $579 million the same period a year ago.
Japara Healthcare Limited
(ASX:JHC) has reported a 2.5 per cent increase in net profit to $16.2 million for the 6 months to 31 December 2015.
Best and worst performers
The best performing sector was Consumer Discretionaries adding 0.3 per cent to close at 1,876. The worst performing sector was Energy, losing 4.15 per cent to close at 7,461 points.
The best performing stock in the S&P/ASX 200 was Primary Health, rising 20.45 per cent to close at $2.65. Shares in GWA Group and Monadelphous also closed higher.
The worst performing stock was FlexiGroup, dropping 17.83 per cent to close at $2.12. Shares in LNG and Genworth also closed lower.
Commodities and the dollar
Gold is trading at $US1,207 an ounce.
Light crude is $0.94 lower at $US30.97 a barrel.
The Australian dollar is buying $US0.7088.
