Market Wrap: Profit reporting season hits top gear

Credit: Iman Mosaad

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:

  1. Australia and New Zealand Banking Group flags pockets of weakness
  2. Profit crash: Insurance Australia Group Ltd disappoints investors
  3. Why nothing has changed for oil prices
  4. The Reject Shop share price soars after profit result
  5. Why the Coca-Cola Amatil Ltd share price is rocketing today
  6. Why the Beadell Resources share price is soaring today

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Motley Fool contributor Ryan Newman has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.

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.

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