Banking and utilities stocks dragged the Australian share market lower as Commonwealth Bank's full-year results fell short of high expectations and AGL's profits slumped.
The S&P/ASX200 finished down 53.7 points, or 0.6 per cent, to 8827.1 on Wednesday, as the broader All Ordinaries slid 47.2 points, or 0.5 per cent, to 9103.1.
Shares in Australia's biggest bank, which many analysts consider overvalued, fell 5.4 per cent, to $169.12, despite logging a healthy $10 billion full-year cash profit.
The other three big banks were also lower, together dragging the broader market down despite gains across six of 11 sectors.
NAB shares fell 2.6 per cent, to $38.16, and Westpac slipped 2.1 per cent, to $33.90, while ANZ edged only 0.2 per cent lower, to $31.87.
An official update on worker wages also landed on Wednesday, with the 0.8 per cent quarterly growth broadly in line with expectations.
It follows the Reserve Bank of Australia's decision to cut interest rates on Tuesday, a widely expected move that is anticipated to be followed up with further easing if key economic data unfolds in line with the central bank's expectations
Westpac senior economist Justin Smirk said wages growth was tracking broadly in line with the RBA's thinking and the figures presented "no risk to the medium-term outlook for inflation and thus interest rates".
Wall Street had a better session after US inflation figures came in healthier than expected, a hopeful sign businesses are not yet passing through full tariff pressures to consumers.
The US-China trade truce also got another 90-day extension.
Australian miners had a better day, with BHP up 1.1 per cent to $41.73, Rio Tinto tracked 0.5 per cent higher to $117.84 and Fortescue shares rising 1.4 per cent to $19.93.
Gold miners performed strongly, led by Evolution Mining stocks that climbed 3.9 per cent after posting a profit nearly double the year before, in part thanks to high prices of the precious metal.
Shares in major energy retailer AGL tumbled 13.1 per cent after unveiling a 21 per cent fall in its underlying net profit after tax to $640 million, compared to $812 million in the year prior.
Treasury Wine Estate stocks rose 1.2 per cent after posting a 15.5 per cent increase in annual underlying profits, with a focus on premium products helping to support the winemaking and distribution company's bottom line.
ON THE ASX:
* The S&P/ASX200 finished down 53.7 points, or 0.6 per cent, to 8827.1.
* The broader All Ordinaries slid 47.2 points, or 0.5 per cent, to 9103.1.
CURRENCY SNAPSHOT:
One Australian dollar buys:
* 65.32 US cents, from 65.00 US cents
* 96.61 Japanese yen, from 96.43 Japanese yen
* 55.91 euro cents, from 55.96 euro cents
* 48.36 British pence, from 48.36 British pence
* 109.65 NZ cents, from 109.58 NZ cents
