China helps cushion ASX

THE Australian sharemarket closed lower yesterday, despite a comeback when positive manufacturing data from China boosted investor sentiment.

The S&P/ASX 200 was down 24.30 points (0.48%) at 5,075.70, while the All Ords eased 0.46% to 5066.7 points.

US markets had earlier closed in negative territory as investors remained in the dark on whether the Federal Reserve would begin to unwind its stimulus program. The Dow Jones slipped 105.44 points (0.70%) to 14,897.55, while the S&P 500 eased 9.55 (0.58%) to 1642.8 points.

European stocks ended lower as investors waited for the outcome of the US central bank’s meeting on the stimulus program.

Local markets were lower, with all sectors down except consumer discretionary, utilities and energy.

Energy giant Origin topped the ASX yesterday, up $0.71 (5.79%) to $12.98 despite posting a significantly lower net profit of $461 million for the year to June.

It was followed by Seven West Media whose stocks rose $0.13 (5.6%) to $2.45 after announcing total revenues of $1.867 billion.

Yesterday’s other winner was Fortescue Metals, which rallied after reporting a net profit of $1.93 billion.

In contrast, Atlas Iron fell 0.10 cents (10.22%) to $0.84 after reporting a final loss of $245 million.

The big four banks posted mixed results. NAB rose $0.20 (0.6%) to $32.34, while Commonwealth Bank edged up $0.16 (0.2%) to $71.26. Meanwhile, ANZ declined $0.23 (0.8%) to $29.50 and Westpac retreated $0.29 (0.9%) to $31.00.