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Banks offsetting BHP’s loss

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up by around 10 points today with gains realised by the big four banks offsetting BHP Billiton’s (ASX: BHP) plunge.

The mining heavyweight is currently trading at a 2.4% discount compared to its closing price, following the release of its full-year results yesterday afternoon. The company failed to meet analysts’ expectations of a 26% drop in profits for the full year to June 30 (instead reporting a 31% fall in in profit excluding one-off financial items). Investors are also not reacting well to the announcement of a further $2.6 billion of spending on the Jansen potash project, which the company deemed to be a good long-term prospect despite recent price falls.

The banks, on the other hand, are keeping the benchmark index afloat. NAB (ASX: NAB) has gained the most today, jumping 1.5%, ANZ (ASX: ANZ) is trading up 0.4%, Commonwealth Bank (ASX: CBA) has gained 0.9% and Westpac’s (ASX: WBC) shares have appreciated 0.7%.

Meanwhile, Seek (ASX: SEK) and Asciano (ASX: AIO) are also up 2.5% and 1.7%, respectively, following their solid results.

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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned in this article.

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