Shares of BHP Billiton Limited (ASX: BHP) rallied after its earnings result, but it wasn't enough to push the broader market higher.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.4% to 4979 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.3% to 5039 points
- AUD/USD at US 72.27 cents
- Iron Ore at US$51.52 a tonne, according to the Metal Bulletin
- Gold at US$1,219.65 an ounce
- Brent oil at US$34.23 a barrel
Oil prices lost some of their overnight gains, which may have dragged on investor sentiment as the day progressed. Meanwhile, the market was also dragged lower by a number of companies which fell after they reported their earnings results.
BHP Billiton was a big exception to that rule. Its shares gained 2.6% for the day even though it cuts its interim dividend by nearly 75%. Rio Tinto Limited (ASX: RIO) also gained 1.4%.
Each of the major banks ended the session in the red as well. Westpac Banking Corp (ASX: WBC) was the worst, shedding 1.5%, although Commonwealth Bank of Australia (ASX: CBA) also lost 1.3%.
Elsewhere, Telstra Corporation Ltd (ASX: TLS) was down 2.1%, Qantas Airways Limited (ASX: QAN) fell 5%, and Arrium Ltd (ASX: ARI) lost 13.6%, making it one of the worst shares on the market for the day.
Beadell Resources Ltd (ASX: BDR), on the other hand, managed to buck the trend and rose 11.6%. So did Spotless Group Holdings Ltd (ASX: SPO), which rose 9%.
Here are Tuesday's biggest stories:
- BHP Billiton Limited slashes almost 75% off dividend: what you need to know
- BHP Billiton Limited reports US$5.67 billion loss for 1H16
- Can Medibank Private Ltd continue its success in 2016?
- Oil Search Limited profit vanishes as commodity prices collapse
- Shine Corporate Ltd cancels dividend as profit sinks 88%
- 2 digital economy shares going gangbusters: Aconex Ltd & Freelancer Ltd
- ResMed Inc. (CHESS) announces blockbuster $1.1 billion US acquisition
