The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) crashed down 1.7% to 5.288.60 today, as bears mauled the energy sector, resources and banks.
A heavy day of reporting season has been overshadowed by plunging oil prices, which dragged down oil stocks. US oil prices plunged to their lowest levels in six years, and could be headed lower.
Origin Energy Ltd (ASX: ORG) share price tumbled 13% to $8.60 after reporting a whopping full year loss of $658 million thanks to one-off writedowns. Underlying net profit was much better, coming in at $682 million, and the company paid a 50 cent partly franked dividend for the full 2015 financial year. The company was also hit by the falling oil price.
APN News and Media Limited (ASX: APN) share price sank 12.9% to $0.57, after the company reported it wouldn’t pay a dividend for the first half of 2015, after being hit by a soft advertising market. Underlying net profit rose just 3% to $25.1 million, but APN took a $17.7 million one-off hit to earnings after losing a bus body contract in May.
Transfield Services Limited (ASX: TSE) share price fell 6.5% to $1.09. The services company is reportedly under fire from fund managers invested in the company over its involvement in Australia’s detention centres and treatment of asylum seekers. 2 days ago, industry fund HESTA sold its entire stake in Transfield, saying that risks were too high.
Worleyparsons Limited (ASX: WOR) share price lost 6.4% to $7.41 thanks to the service company’s reliance on the oil and gas sector. Just last week the company announced that it would take a one-off write-down of $200 million in its goodwill, roughly 10% of the company’s total goodwill. If oil prices keep falling, Worleyparsons could be forced to write off more of its goodwill.
Iress Ltd (ASX: IRE) share price slipped 5% to $9.52, after reporting disappointing half-year results. We covered the result in more detail here, but essentially the market seems disappointed with low growth outlook for the full year – expected between 3 and 5%.
As the ASX sinks, some experts are predicting a market crash…
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Motley Fool contributor Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga
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.