Local shares fell sharply this morning, but did manage to recover most of their losses as the session wore on. Unfortunately, the benchmark index still ended the day in the red, dragged down by Australia’s biggest banks.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.2% to 5,543 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.2% to 5,628 points
  • AUD/USD at US 77 cents
  • Iron Ore at US$61.56 a tonne, according to the Metal Bulletin
  • Gold at US$1,351.36 an ounce
  • Brent oil at US$44.97 a barrel

Australia and New Zealand Banking Group (ASX: ANZ) continued to rise, lifting another 1.2%.

But Commonwealth Bank of Australia (ASX: CBA) dropped 1.3% following its full-year earnings report. That dragged Westpac Banking Corp (ASX: WBC) 0.6% lower, as well.

Telstra Corporation Ltd (ASX: TLS) also lost 0.9%. Wesfarmers Ltd (ASX: WES) lost 0.5%, but CSL Limited (ASX: CSL) gained 1.3%.

Computershare Limited (ASX: CPU) and Cochlear Limited (ASX: COH) were among the top performers for the day. They rose 8.8% and 7.6% respectively. Newcrest Mining Limited (ASX: NCM) gained 4.3%, as well.

SKYCITY Entertainment Group Limited-Ord (ASX: SKC), on the other hand, fell 3.1%. Fairfax Media Limited (ASX:FXJ) also dropped 4.5%.

Here are Wednesday’s top stories:

  1. Commonwealth Bank of Australia reports record profit, but are its shares a buy?
  2. These are the 10 most popular shares among investors
  3. Here’s why beaten down Mesoblast limited is making a comeback
  4. Computershare Limited struggling but share price jumps
  5. Why is the Slater & Gordon Limited share price going ballistic?
  6. SKYCITY Entertainment shares dumped on full year results: Is it a buy?

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.