SYDNEY, AAP – A sharp lift in full-year profit for ANZ Bank has not been enough to stop broad-based losses on the Australian share market.
The market was about a quarter of one per cent lower on Thursday following lower commodity prices and lower US markets.
Energy shares fell most. Oil prices fell after US crude oil stockpiles rose more than expected.
There were losses of more than one per cent for Origin and Woodside.
ANZ was a rare bright spot after net profit improved 72 per cent on a year ago.
A strong lending market and reversal of some money put aside for potential COVID-related losses helped the figures.
Final dividend was 72 cents per share, more than 35 cent per share at the same time last year.
Shares were up a little more than one per cent to $28.70.
However the US influence was weighing on the market. The drop in oil prices and a pullback in Treasury yields pulled the S&P 500 lower.
The Nasdaq ended little changed after investors were encouraged by Microsoft and Google parent Alphabet’s quarterly results. The Dow Jones shed 0.73 per cent.
Investors are also waiting for the latest update on US economic growth. Third-quarter gross domestic product data is due in the next 24 hours.
The benchmark S&P/ASX200 index was lower by 20.2 points, or 0.27 per cent, to 7428.5 at 1200 AEDT.
The All Ordinaries was down 21.2 points, or 0.27 per cent, to 7736.8.
Boral shares rose after its boss said coronavirus-related costs in the first quarter were less than expected. The earnings impact was $33 million.
Boss Zlatko Todorcevski said a $50 million hit had been expected in the first quarter.
He did not expect the full-year costs to pass this figure.
Shares were up 4.74 per cent to $6.62.
JB Hi-Fi revealed sales fell during the first quarter due to lockdowns.
However boss Terry Smart said demand remained strong and the re-opening of stores in NSW was helping.
Share were up 1.83 per cent to $47.75.
Fortescue was best of the big miners after record iron ore exports for a first quarter.
The forecast for full-year exports was unchanged.
Shares were up 0.64 per cent to $14.09.
BHP and Rio Tinto lost less than one per cent each.
The rest of the big banks could not match ANZ. The Commonwealth dropped 0.25 per cent. NAB was little changed. Westpac gained 0.8 per cent.
The Australian dollar was buying 74.96 US cents at 1200 AEDT, lower from 75.20 cents at Wednesday’s close.