Market Wrap / energy slump

The S&P/ ASX 200 extended losses during Thursday's trade, closing lower by 0.6% to 8,094.7 points.

An increase in oil reserves sent prices at three-year lows, with the energy sector dragging.

Woodside was notably 4.7% lower as it also traded ex-dividend today. 

And while US President Donald Trump agreed to a one-month delay on tariffs for US car-makers, he confirmed its general stance on levies, extending the market’s negative sentiment. 

The miners remained relatively flat, with BHP still shedding 0.8%. Meanwhile, West African Resources reaffirmed it is on-track to double its gold production to over 420,000 ounces this year. The stock was one of today’s leaders, up 11.9%. 

Up the charts was also Johns Lyng Group ahead of Cyclone Alfred. The construction company jumped 7.8%. 

The financial space however showed poor form during the session, as prudential regulator APRA suggested new governance regulations for the sector. 

And Myer jumped 5.3% after Morgan Stanley analysts forecast the share price could double under the company's new leadership and strategy.

On the data front, total dwellings approved rose 6.3% in January, supported by NSW apartment constructions. 

Looking ahead; Ampol, Aussie Broadband and Endeavour Group are among companies trading ex-dividend tomorrow.