CMC Markets Afternoon Market Commentary

Despite the market losing a lot of ground during the morning session, led down by the finance, energy and materials sectors, BHP turned its performance around just after midday. That helped lift the broader market.

Cochlear gave a bright outlook today as it delivered its first half earnings report. With full year growth of at least 15 per cent, and an increase in its dividend to 95 cents, shareholders cheered. The company was hit by a stronger Aussie dollar during the period, but its innovation and depth of new products have served the company well.

Macquarie didn't fare so well, however, telling the market full year earnings would likely be more like $1.01 billion, rather than the previously forecast $1.04 billion. Investors are also concerned about the impact of regulatory changes on the stock.

David Jones put in a decent performance after forecasting an increase in the growth of its first half earnings from five per cent to 10 per cent. Consumer discretionary stocks have certainly proved themselves to be resilient over the last 18 months.

Tomorrow we await results from the world's biggest miner, BHP Billiton.