Market Wrap: Energy stocks lead savage ASX selloff

Market Reports

The boards were splashed red today and it was the energy sector that led the selloff pushing the bourse as a whole down 1.7 per cent.

The market’s woes were deepened by the major miners seeing losses as did the banks which have continued to tumble since major capitalization efforts were made. 
The key factor continues to be potential weakness in the Chinese economy, the Shanghai index saw some major swings today and is sitting at a loss of around 1 per cent at the moment. 
Market woes meant Newcrest stocks jumped, more than 6 per cent in fact, as investors seek gold as a safe haven commodity. 
The S&P/ASX 200 index closed 92 points down to finish at 5,289. 
The value of trades was $6.2 billion on volume of 884 million shares at the close of trade. The top three stocks by value were Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC) and ANZ Banking Group (ASX:ANZ).
On the futures market the SPI is 113 points down.
Company news
Qantas Airways Limited (ASX:QAN) shares headed lower after announcing its strongest profit since before the GFC in the year to June 30. The airline reported a statutory net profit of $557 million, compared to a $2.84 billion loss last year. Qantas closed 6.12 per cent down at $3.53 
Webjet Limited (ASX:WEB) has reported a net profit of $17.5 million for the full year to June 30. The figure is an 8.5 per cent decline on last year’s profit of $19.1 million. Shares in Webjet closed 2 per cent up at $4.09 
ASX Limited (ASX:ASX) has an announced an increase in net profit to $397 million for the full year to June 30.
Western Areas Limited (ASX:WSA) has reported a 37.5 per cent increase in net profit to $35 million for the 2015 financial year.
Wesfarmers Limited (ASX:WES) has seen its full year profit dip 9.3 per cent to $2.44 billion.
AMP Limited (ASX:AMP) has posted a stronger first half profit of $507 million, up 33 per cent on the same period last year. 
Best and worst performers of the day:

All major sectors were lower today, the  sector with the least losses was consumer staples losing 0.6 per cent to close at 8,567. The worst performing sector was energy, losing 5.8 per cent to close at 9,224 points.
The best performing stock in the S&P/ASX 200 was Northern Star Resources Limited (ASX:NST), rising 6.6 per cent to close at $2.02. Shares in G8 Education Limited (ASX:GEM) and Newcrest Mining Limited (ASX:NCM) also closed higher.
The worst performing stock was Origin Energy Limited (ASX:ORG), dropping 13.04 per cent to close at $8.60. Shares in APN News and Media Limited (ASX:APN) and Senex Energy Limited (ASX:SXY) also closed lower. 

Gold is trading at $US1,139 an ounce.
Light crude is $2.17 down at $US40.95 a barrel.

The Australian dollar is buying $US0.7322