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Australian shares are flat after the heavyweight financial sector fell into negative territory following a subdued outlook from the Macquarie Group.

The benchmark S&P/ASX200 index was down 3 points, or 0.05 per cent, to 6,335.4 points at 1200 AEST on Friday, while the broader All Ordinaries was down 2.5 points, or 0.04 per cent, to 6,427.5.

Macquarie Group was down 6.13 per cent to $127.85 after beating full-year profit guidance, but the company warned of a more subdued performance next year.

It was a mixed session for the big four banks, with ANZ up 0.53 per cent to $27.415, Commonwealth down 0.18 per cent to $74.725, NAB down 0.12 per cent to $25.67 and Westpac down 0.24 per cent to $27.345.

The energy sector recorded the largest losses – collectively falling 1.27 per cent – after oil prices tumbled almost three per cent overnight.

Santos, Woodside Petroleum, Oil Search, Origin Energy and Beach Energy were down between 1.10 per cent and 3.37 per cent.

Consumer staples was the best performing sector, up 0.55 per cent as a whole, as Woolworths added 1.18 per cent to $32.61 and rival Coles gained 0.63 per cent to $12.68.

Mining giant BHP was down 0.38 per cent to $36.88, Rio Tinto was down 0.03 per cent to $94.42 and Fortescue Metals was up 1.32 per cent to $7.285.

ResMed surged 6.69 per cent to $15.79 after it announced profit was up 15 per cent for the first quarter.

The Aussie dollar is buying 69.92 US cents, from 70.19 US cents on Thursday.