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The Aussie market is looking to recover from its opening losses on Friday. The ASX 200 is still down 5 points or 0.06% to 7486 around midday with the local market following a softer session on Wall Street as investors await a meeting of world central bankers for the Jackson Hole Economic Policy Symposium.

The losses across Thursday and today, while eroding some of the gains from earlier in the week, still has the ASX 200 higher by 27pts or 0.37% over the past five sessions.

Sector wise, losses have been steepest among the technology and consumer discretionary sectors with
communications, energy, consumer staples and materials also falling. Healthcare is the best performer with industrials, utilities and property trusts also rising while financials are mostly flat.

Individually, Wesfarmers (WES) is the main weight on the broader market with the conglomerate releasing full year profit results this morning. WES enjoyed a 40% lift in net profit from continuing operations to $2.38 billion with revenue also lifting 10% to $33.9 billion. The group continued to enjoy solid sales and earnings growth from Officeworks, Bunnings and Kmart Group and is also paying a special $2 per share dividend to return ~$2.3 billion to investors. WES shares are down 2.6%.

Bega Cheese (BGA) started the day in positive territory but has fallen to a 0.8% decline at lunch after reporting a strong lift for its FY21 results. Revenue was 39% higher to $2.1 billion while statutory EBITDA doubled to $182.7 million and statutory profit surged 239% to $72.2 million. These figures included results from the acquisition of Lion Dairy and Drinks (brands include Dairy Farmers, Dare &
Daily Juice). Normalised profit and earnings still improved for the year.

Lynas Rare Earths (LYC) is down 3% even as the miner announced a 60% increase in revenue to $489 million and net profit for the year of $157.1 million, from $19.4m a year ago. LYC decided against paying a final dividend to shareholders.

In other news, JB Hi-Fi (JBH) has confirmed that effective today Richard Murray has stepped down as CEO to be succeeded by The Good Guys MD Terry Smart (first announced in April).

The AUD buys 72.37 US cents.

Published by CommSec