Market Wrap: ASX falls despite BHP shares climbing

Shares of BHP Billiton Limited (ASX: BHP) rallied after its earnings result, but it wasn’t enough to push the broader market higher.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 0.4% to 4979 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 0.3% to 5039 points
  • AUD/USD at US 72.27 cents
  • Iron Ore at US$51.52 a tonne, according to the Metal Bulletin
  • Gold at US$1,219.65 an ounce
  • Brent oil at US$34.23 a barrel

Oil prices lost some of their overnight gains, which may have dragged on investor sentiment as the day progressed. Meanwhile, the market was also dragged lower by a number of companies which fell after they reported their earnings results.

BHP Billiton was a big exception to that rule. Its shares gained 2.6% for the day even though it cuts its interim dividend by nearly 75%. Rio Tinto Limited (ASX: RIO) also gained 1.4%.

Each of the major banks ended the session in the red as well. Westpac Banking Corp (ASX: WBC) was the worst, shedding 1.5%, although Commonwealth Bank of Australia (ASX: CBA) also lost 1.3%.

Elsewhere, Telstra Corporation Ltd (ASX: TLS) was down 2.1%, Qantas Airways Limited (ASX: QAN) fell 5%, and Arrium Ltd (ASX: ARI) lost 13.6%, making it one of the worst shares on the market for the day.

Beadell Resources Ltd (ASX: BDR), on the other hand, managed to buck the trend and rose 11.6%. So did Spotless Group Holdings Ltd (ASX: SPO), which rose 9%.

Here are Tuesday’s biggest stories:

  1. BHP Billiton Limited slashes almost 75% off dividend: what you need to know
  2. BHP Billiton Limited reports US$5.67 billion loss for 1H16
  3. Can Medibank Private Ltd continue its success in 2016?
  4. Oil Search Limited profit vanishes as commodity prices collapse
  5. Shine Corporate Ltd cancels dividend as profit sinks 88%
  6. 2 digital economy shares going gangbusters: Aconex Ltd & Freelancer Ltd
  7. ResMed Inc. (CHESS) announces blockbuster $1.1 billion US acquisition

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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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