Stocks soften into the close
The local benchmark has lost near 0.5pc despite strong local data and higher oil prices.
The Australian sharemarket has weakened into the close despite a spread of good news on the earnings front and a fifth day of gains in crude prices.
At the closing bell, the benchmark S&P/ASX 200 index backtracked 27.2 points, or 0.49 per cent, to 5,507.8, while the broader All Ordinaries index eased 20.8 points, or 0.37 per cent, to 5,607.3.
The energy sector showed the way for a second day, with recent gains extended by 0.6 per cent as crude prices continued their rally from recent multi-month lows.
“Oil rose for the fifth day in a row after US inventory data showed a surprise draw down on crude stocks. This puts energy stocks in the spotlight again,” CMC Markets chief market strategist Michael McCarthy said.
Santos lifted 0.2 per cent to $4.95 after a red open, while Woodside gained 0.88 per cent to $28.55.
The laggard among the major gas players was Origin Energy, with the utility sliding 1.2 per cent after it decided to abandon dividends in a bid to recover from another heavy loss.
Origin trades within the utilities subsector and was key to its underperformance through the session.
Utilities only trailed the healthcare index among the list of stragglers, which was weighed down once more by heavyweight biotech CSL.
Analysts were disappointed with the guidance offered by CSL at its full-year results on Wednesday, leading to falls of around 3 per cent over each of the past two sessions that has wiped almost $4 billion from its market value.
It was also a session to forget for the financial sector after AMP dampened sentiment with a fall in underlying profit that pushed its shares down almost 5 per cent.
Among the big banks, Commonwealth Bank skidded 1.2 per cent, while ANZ lost 0.2 per cent, Westpac retreated 0.5 per cent and NAB gave back 0.6 per cent.
The big four drew the spotlight in afternoon trade after it was revealed they were named in a class-action lawsuit in New York that seeks damages for alleged manipulation of the bank bill swap rate.
Westpac, ANZ and NAB were quick to declare they would fight the claim.
In materials, BHP edged down 0.24 per cent to $20.86, while Rio Tinto lost 0.48 per cent to $49.32.
Fortescue bucked the trend in surging 3.7 per cent to $4.75 after Macquarie analysts spruiked the prospect of a higher-than-expected dividend.
Elsewhere, Whitehaven Coal leapt 3.9 per cent after topping estimates, Treasury Wine Estates soared 11.5 per cent as it more than doubled full-year earnings, Beacon Lighting bounded 8 per cent after surpassing profit guidance and Brambles edged down 0.2 per cent as it announced the departure of chief executive Tom Gorman.
Construction and engineering group Cimic slid 1.9 per cent after it revealed the boss of its part-owned subsidiary in the Middle East had been arrested.
Among blue chips, Telstra backtracked 0.55 per cent to $5.41, while Qantas added 0.6 per cent to $3.37.
Meanwhile, the Australian dollar surged above US77c as local jobs numbers comfortably outstripped market expectations.
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