Market Wrap: Profit reporting season hits top gear

Primary Health Care Limited (ASX:PRY) shares soared, but FlexiGroup Limited (ASX:FXL) wasn't so lucky.

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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
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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