SYDNEY, AAP – Booming profits for JB Hi-Fi and the Bendigo Bank have not been able to prevent Australia’s share market slipping back from record highs.

The benchmark S&P/ASX200 index was lower by 31.5 points, or 0.41 per cent, to 7597.4 at 1200 AEST.

The All Ordinaries was down 29.9 points, or 0.37 per cent, to 7867.8.

The electronics retailer and the nation’s fifth biggest bank resumed earnings reporting on Monday although with wildly different share price movements.

JB Hi-Fi posted a 67 per cent jump in full-year profit and lifted its dividend as customers forced to work from home spent on home appliances and technology. Its shares were up 1.35 per cent to $48.97.

Bendigo Bank’s full-year cash earnings ramped up more than 51 per cent as people borrowed and put more in the bank. That did little to cheer investors who sent the stock lower by 9.27 per cent to $10.07.

Banks and energy providers dragged the market lower.

ANZ shares dropped 2.57 per cent to $28.77, CBA dived by 1.31 per cent to $10.26, NAB was down 0.1 per cent to $27.67 while Westpac slipped by 0.86 per cent to $25.93.

Energy shares were the worst performers, down 2.5 per cent after oil prices dropped as traders bet the coronavirus’ Delta variant will limit travel demand across the world.

US markets gained little on Friday although this was enough for record highs for the S&P 500 and Dow Jones.

On the ASX, BHP and Woodside confirmed they are discussing the sale of BHP’s petroleum business.

BHP shareholders would be paid in Woodside shares, if a sale eventuates.

BHP shares were up 1.41 per cent to $53.55.

Woodside shares were down 3.69 per cent to $21.37 amid the downbeat mood for energy.

Sydney Airport on Monday rejected a revised takeover bid by an expanded group of infrastructure investors, saying the new offer still undervalues the company.

The operator of Australia’s biggest airport said it had received a revised takeover proposal from the investors with an indicative price of $8.45 a share, or $22.80 billion.

Talks may yet continue between the two groups, prompting Sydney Airport shares to edge 0.19 per cent higher at $7.76.

Meanwhile, the Australian dollar was buying 73.57 US cents at 1200 AEST, higher from 73.37 US cents at Friday’s close.