Bell Potter

Market Update: The S&P/ASX 200 opened higher following the positive U.S. equity markets lead from last Friday night but gradually headed lower to be down 0.3% to 5,394 points. Both resources and financials were mixed. BHP was down 0.2% while RIO was up 0.5%. CBA was the only major bank up 0.4% and ANZ, NAB and WBC were all down between 0.6% and 1.0%. WBC reported earnings that beat expectations as well as declared a special dividend but was offset by a pre-prevision operating profit that was below forecast. Coca-Cola dropped 4.9% after it downgraded its EBIT guidance from a decline of 3-5% to a decline of 5-7%. The AUD is currently trading at US$0.9483.The SPI was down 0.2% at 5,381 points on the Sydney Futures Exchange.


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