Plunge in Wool­worths’ for­tunes dents the Aus­tralian share mar­ket

STOCK WATCH

Kalgoorlie Miner - - BUSINESS -

A profit warn­ing from su­per­mar­ket gi­ant Wool­worths and its con­ta­gious im­pact on Coles-owner Wes­farm­ers have weighed on the share mar­ket.

Wool­worths says its half year profit could plunge by up to 35 per cent on the back of poor food and liquor sales and ef­forts to com­pete on price.

The con­ta­gion from the “very dis­mal” trad­ing up­date spread to Wes­farm­ers, Phillip Cap­i­tal se­nior client ad­viser Michael Hef­fer­nan said. Wool­worths plum­meted $2.67, or 9.8 per cent, to $24.70 and Wes­farm­ers dropped $1.81, or 4.3 per cent, to $40.18.

ANZ’s record $7.2 bil­lion an­nual profit also dis­ap­pointed the mar­ket as it proved weaker than ex­pected, com­pound­ing the neg­a­tive sen­ti­ment sparked by Na­tional Aus­tralia Bank’s un­der­whelm­ing an­nual cash profit of $$5.8 bil­lion on Wed­nes­day.

ANZ shed 58 cents to $28.17, Na­tional Aus­tralia Bank lost $1.26 to $30.46, Com­mon­wealth Bank sur­ren­dered 47 cents to $77.17 and West­pac scraped off one cent to $31.92.

In the resources sec­tor, BHP Bil­li­ton shed 31 cents to $23.47, Rio Tinto dropped 93 cents to $51.14 and Fortes­cue Met­als de­scended five cents to $2.20. AAP

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.