The local share market's relief rally came to an abrupt halt today as investors shaved some of the value from the country's biggest shares.
Here's a quick recap:
- S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.6% to 4882 points
- ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.5% to 4938 points
- AUD/USD at US 70.96 cents
- Iron Ore at US$46.78 a tonne, according to the Metal Bulletin
- Gold at US$1,208.90 an ounce
- Brent oil at US$32.49 a barrel
The market told two different stories today. First, there was a wave of optimism following a number of encouraging earnings results, but then there was also some heavy selling in the resources sector which ultimately dictated the direction of the market.
On a positive note, companies such as Primary Health Care Limited (ASX: PRY) and Beadell Resources Ltd (ASX: BDR) soared on positive earnings reports. The pair lifted 20.5% and 30.6%, respectively, while the Reject Shop Ltd (ASX: TRS) also rose 23.8%.
National Australia Bank Ltd. (ASX: NAB) gave bank investors one reason to smile, rising 2.2%, while Coca-Cola Amatil Ltd (ASX: CCL) gained 4.1% as well.
Unfortunately, the miners weighed on the overall market. BHP Billiton Limited (ASX: BHP) shares fell 3.7% and Rio Tinto Limited (ASX: RIO) lost 2.5%, while Woodside Petroleum Limited (ASX: WPL) plunged 6.9%.
FlexiGroup Limited (ASX: FXL) was one of the worst shares for the day, sliding 17.8%.
Here are Wednesday's top stories:
- Australia and New Zealand Banking Group flags pockets of weakness
- Profit crash: Insurance Australia Group Ltd disappoints investors
- Why nothing has changed for oil prices
- The Reject Shop share price soars after profit result
- Why the Coca-Cola Amatil Ltd share price is rocketing today
- Why the Beadell Resources share price is soaring today