Market Wrap / reporting rollercoaster

The S&P/ASX 200 closed 0.1% lower at 8,240.7 points, with headline CPI remaining steady at 2.5% over the year to January, and underlying inflation coming in at 2.8%.

Most sectors closed in the red, led by the Consumer staples down 0.1%. Woolworths notably cut its interim dividend by almost 20% citing a "challenging" half dominated by industrial action and cost of living pressures. The stock dropped 3%. 

Amongst other companies reporting, WiseTech shares rose 2.1% as it posted a 38% rise in first-half profit and increased its dividend. Founder Richard White was named Executive Chair after the defection of four board members earlier this week.

Worley will buyback $500 million worth of stock with management calling its shares undervalued. Scentre says demand for its destination shopping centres is strong, but Flight Centre shares crashed 10.2% with net profit down 30%.

Check out all our reporting season coverage here.

The miners were also a drag on the bourse’s performance, with BHP 1.5% lower. Lynas Rare Earths went back 1.7% as it reported a steeper-than-expected drop in its first-half profit.

The banks however received some tailwinds from inflation data and all major banks ended the session higher. 

The tailend of reporting season will continue to bring results from big names such as Qantas, Coles and Medibank reporting tomorrow.