The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to pare back some of its earlier losses today, but a number of big-name companies are still preventing it from getting back into the black.
Once again, it is the nation's two largest retailers, being Woolworths Limited (ASX: WOW) and Wesfarmers Ltd (ASX: WES), that are doing the most damage today. Investors continue to react to the major earnings downgrade issued by Woolworths on Thursday which is clearly spooking the shareholders of Wesfarmers, owner of Coles supermarkets, as well. The pair are down 2.4% and 1.6% respectively, with Woolworths down 12% since Wednesday.
Australia and New Zealand Banking Group (ASX: ANZ) has also taken a huge hit. The shares are down 3.4% to $27.21 after a number of analysts cut their price targets following yesterday's lukewarm earnings results. UBS cut its price target by 12% while Macquarie downgraded its target by 5.3%.
The resources sector isn't providing much support, either, following a poor night for commodity prices. BHP Billiton Limited (ASX: BHP) fell another 1.7% with Fortescue Metals Group Limited (ASX: FMG) shedding 5.0%, while gold miners EVOLUTION FPO (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) dropped 4.1% and 1.9%, respectively.
All in all, most sectors are down for the day. The benchmark index fell as much as 1.2% earlier but is now hovering 0.5% lower, although it's still not the ideal way to end what has been a rather negative week for local investors.
