Market Wrap: Woolworths Limited slammed on profit shock

The local stock market closed deep in the red today, dragged down by the country's biggest retailers.

Here's a quick recap:

• S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.3% to 5266 points
• ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1.2% to 5310 points
• AUD/USD at US 71.02 cents
• Iron Ore at US$49.95 a tonne, according to the Metal Bulletin
• Gold at US$1,160.32 an ounce
• Brent oil at US$48.82 a barrel

The country's biggest retailers had a profound effect on the direction of the market today after Woolworths Limited (ASX: WOW) reported a huge profit downgrade.

The shares fell 9.8% to close at $24.70, while Wesfarmers Ltd (ASX: WES) and Metcash Limited (ASX: MTS) also ended the day 4.3% and 10.5% lower, respectively.

Ten Network Holdings Limited (ASX: TLS) was the only company to experience a heavier fall than the retailers, shedding 13.2%.

On a more positive note, FlexiGroup Limited (ASX: FXL) climbed 14.9%, while Bega Cheese Ltd (ASX: BGA) gained 14.9%. Bega Cheese rose after it signed an agreement with Blackmores Limited (ASX: BKL), which also rose 12.9% for the day.

Here are Thursday's top stories:

1. Woolworths chokes on profit downgrade: What you need to know
2. Why the Blackmores share price rocketed past $200 today
3. Australia and New Zealand Banking Group announced record $7.5b profit
4. GST is going to rise and superannuation targeted
5. Attention! Woolworths and Wesfarmers shareholders look away now
6. Medibank Private Ltd: Buy, Hold or Sell?