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Following a 173 point fall in the US overnight the Australian sharemarket (ASX200) has wiped out most of yesterday’s gains falling 72.2 points or 1.1 per cent to 6,472.7. Almost every sector opened lower this morning led by the consumer staples and industrial sectors.

There have been a few positive results this morning with McMillan Shakespeare (MMS) a standout trading up $2.31 or 15.6 per cent to $15.44. MMS announced a slight increase to their revenue and dividend as well as shareholder off market buy back. Carsales.Com (CAR) reported a one off impairment charge in their result but this was well flagged so putting that aside revenue was up over 10 per cent and they’ve slightly increased their dividend. CAR has rallied $1.64 or 11.6 per cent to $15.70. Wisetech Global (WTC) is another to rally strongly this morning up $2.71 or 9.9 per cent to $30.40 after announcing a 32 per cent jump in full year profit and a 57 per cent rise in revenue for the year.

Although A2 Milk (A2M) reported a 47 per cent lift in full year profit and flagged that they expect this to grow next year analysts across the market expected more and it’s therefore been seen as a disappointing result. A2M has fallen $2.20 or 13.7 per cent to $13.80 in early trade. Nearmap (NEA) reported full year net loss of $14.9 million and announced they will not pay a full year dividend, subsequently it’s been sold off aggressively as a result. NEA is currently down 39 cents or 12 per cent to $2.75.

Two companies have announced a cautious outlook for the year ahead and both have been hit in early trade as a consequence – Iluka Resources (ILU) down 83.5 cents or 9.7 per cent to $7.78 and Brambles Ltd (BXB) down $1.25 or 9.6 per cent to $11.76.

Crown Resorts (CWN) reported a fall in their full year profit, which was exactly what the market expected as this was well flagged. They maintained their dividend but the franking component fell to 25 per cent from 60 per cent last year. CWN is trading flat this morning up only 5.5 cent to $11.47. Another company to report a fall in full year profit was Domino’s Pizza (DMP) who reported a fall in same store sales growth across the group. They have fallen heavily on the back of this result currently down $1.03 or 2.32 per cent to $43.40.

The Aussie dollar has rallied slightly over the morning currently holding around 67.81 US cents. 1.38 billion shares have changed hands so far today worth $3.2 billion. 450 stocks are up, 522 down and 363 are unchanged.

Published by CommSec