The Australian stock market closed marginally lower as investors took in a torrent of earnings results from the company and the mega-merger between BHP and Woodside, with a drop in the miner's shares that erased 33 points from the S & P / ASX200 .
The benchmark index finished just 8.9 points or 0.12 percent lower at 7502.1, while the all-common index fell 2.6 points to 7770.7.
It was the third straight day in the red after a recent stellar race.
CommSec analyst Tom Piotrowski said the ASX recovered much of its initial losses after a negative open, predicted by the futures markets.
"Not a bad result under the circumstances ... a lot of positive news is already factored into pricing and those expectations, at least that mindset, can be challenged over the course of the next few weeks from time to time," said Piotrowski. .
Supplies and medical care weigh in the local bag, he said.
After announcing its merger with BHP's oil business after the ASX shutdown on Tuesday, Woodside posted a net profit of more than double for the full year, driven by higher prices driven by the recovery in demand for LNG. and oil, and declared an interim dividend. 30 cents per share.
Shares in Woodside fell 2.12 percent to $ 20.29, while BHP, which also announced a 42 percent rise in full-year net earnings and a record final dividend, plunged 7.07. percent at $ 47.70.
For BHP, it was positive to remove carbon-intensive projects from its asset portfolio โand indeed from an ESG (economic, social and governance) perspective, which are vital in these circumstances,โ said Piotrowski.
"But the market is not in love with the idea that an important lever for growth and earnings is now being removed ... in this vehicle that will be majority owned by Woodside."
RBC Capital Markets said Woodside had "cornered in a corner" by targeting a final investment decision in the large $ 12 billion Scarborough project in the coming months "with a less enthusiastic partner."
OMG Chief Executive Officer Ivan Tchourilov said announcements like the mega-merger generally met with a mixed reaction from investors, with extreme diversity across age groups.
"BHP also decided to bid farewell to the British, announcing plans to terminate its listing on FTSE to simplify its share structure, lubricating the wheels for more skillful mergers and acquisitions," he said.
โThis move is expected to bring instability to both listings in the short term. The news was not well received (in London) overnight and the price drop has occurred all the way to the ASX. "
Rio Tinto fell 2.3 percent to $ 113.69 and Fortescue was down 0.6 percent to $ 21.45.
Biotech giant and market heavyweight CSL reported a 10 percent increase in full-year net profit on a constant currency basis, saying its flu vaccine business, Seqirus, delivered a exceptionally strong performance, with revenue up to 30 percent.
Shares of CSL fell 1.47 percent to $ 293.56.
Pro Medicus soared 15.66 percent to $ 65.35 after posting a 33.7 percent increase in full-year net profit.
"Pro Medicus made a splash selling medical imaging software to US healthcare companies this year," said Mr. Tchourilov.
"The huge sales results had a tailwind in recent months due to the scourge of the Aussie dollar, which is adding an additional boost to every dollar that comes from selling in USD."
Coles posted a 7.5 percent increase in full-year net profit, with comparable sales growth at supermarkets for the three months to June 30 of just 2.1 percent, but an impressive 9 , 6 percent in two years.
Credit Suisse noted that growth had accelerated even further in the current quarter so far and was ahead of forecast, while Moody's Investors Service VP Ian Chitterer applauded the retailer, saying its strong earnings for fiscal 2021 strengthened its solid credit profile.
Coles shares rose a penny to $ 18.34.
Domino's Pizza performed strongly, rising 7.13 percent to $ 136.02 after posting a nearly 33 percent increase in full-year net profit.
He also declared a final dividend of 85.1 cents per share, representing a payout rate of 70 percent of net profit, rising to 80 percent, all while opening more new stores than he had previously planned.
"Social restrictions remain in place in most markets, which continues to affect delivery sales, while delivery orders remain strong," said the group's CEO and manager, Don Meij.
"Across all markets, our strengthening strategy demonstrates that more stores enable more investment in marketing and higher customer demand, requiring more stores to meet this demand," said Meij.
Tchourilov said that Domino's business model makes a lot of sense right now.
โCheap storefronts and cheap delivery pizza while everyone is locked inside. It's no wonder they are making so much money, โhe said.
ANZ added 0.18 percent to $ 28.47, Commonwealth Bank increased 0.78 percent to $ 99.77, National Australia Bank gained 0.66 percent to $ 27.63, and Westpac improved 1 , 42 percent at $ 25.81.
The Australian dollar was selling 72.61 US cents, 52.8 British pence and 61.92 euro cents in afternoon trading.
