It has been a lacklustre day of trade for the Australian share market with some weaker than expected financial results disappointing investors.
Despite a sharp rise up into the black, the local bourse lost steam in the first two hours of trade, rubbing out all gains, with Healthscope
(ASX:HSO) reporting a 6 per cent fall in net profit after tax, on the back of softer private hospital conditions.
Insurance Australia
(ASX:IAG) also weighed down the bourse, after it reported a revenue slide, while Coca-Cola
(ASX:CCL) shares also fell after the drinks giant saw a profit slump.
Meantime the Energy sector, didn’t disappoint. It shone the brightest today after crude oil prices lifted overnight while all of the major players shares rose, with the likes of WorleyParsons
(ASX:WOR) dancing its way to higher NPAT in FY17.
At the closing bell the S&P/ASX 200 index closed 13 points down or 0.23 per cent lower to finish at 5,737.
The value of trades was $6.3 billion on volume of 922 million shares at the close of trade. The top three stocks by value were BHP Billiton Limited
(ASX:BHP), Commonwealth Bank of Australia
(ASX:CBA) and Westpac Bank
(ASX:WBC).
On the futures market the SPI is 15 points down.
Asian marketsJapan’s Nikkei has added 0.2 per cent, Hong Kong’s Hang Seng is not trading after a Typhoon hit the city and the Shanghai Composite has lost 0.07 per cent.
Company news Bapcor
(ASX:BAP) reported a 47 per cent rise in its net profit after tax (statutory) on FY16 to $63.8 million in the 2017 financial year. The automotive aftermarket parts and accessory business saw improvements in every business segment and its revenue surged 48 per cent up on FY16 to $1.01 billion. The company also added 23 new stores to its Australian tool belt. Shares in Bapcor
(ASX:BAP) closed 1.84 per cent higher at $5.54.
Coca-Cola Amatil
(ASX:CCL) reported its attributable profit fell over 29 per cent to $140.1 million for the 2017 financial year on the back of what they are calling 'a challenging year' for Australian beverages.
Insurance Australia Group
(ASX:IAG) reported its net profit increased by about 49 per cent to $929 million for the 2017 financial year, thanks to better than expected reserves.
Charter Hall Group
(ASX:CHC) has reported its net profit after tax rose about 20 per cent on FY16 to $257.6 million for the 2017 financial year.
IPOsWindlab Limited
(ASX:WND) started trading today. The company that develops, constructs and operates wind energy projects floated with an issue price of $2.00, opened at $1.94 and is currently trading at $1.85.
Best and worst performers of the dayThe best performing sector was Energy adding 1.4 per cent to close at 9,105.
The worst performing sector was Utlities, shedding 0.9 per cent to close at 8,064 points.
The best performing stock in the S&P/ASX 200 was Monadelphous Group Limited
(ASX:MND), rising 8.15 per cent to close at $15.66. Shares in The A2 Milk Company Limited
(ASX:A2M) and Virtus Health Limited
(ASX:VRT) also closed higher.
The worst performing stock in the S&P/ASX 200 was Healthscope Limited
(ASX:SCO), dropping 15.30 per cent to close at $1.85. Shares in Sirtex Medical Limited
(ASX:SRX) and Insurance Australia Group
(ASX:IAG) also closed lower.
Commodities and the dollar Gold is trading at $US1,287 an ounce.
Light crude is $0.10 up at $US47.63 barrel.
One Australian dollar is buying 78.87 US cents.
