ASX takes stock after RBA rate cut; AGL hammered

The Australian sharemarket consolidated Tuesday's record close as investors digested the Reserve Bank of Australia's rate cut and the July US CPI data, which strengthened bets on a September interest rate reduction.
It was the busiest day of reporting season so far, with Commonwealth Bank, IAG, AGL, and Treasury Wine Estates leading the headlines.
The S&P/ASX 200 slipped 0.1 per cent, or 7.6 points, to 8873.20 at 10.12am AEST , after briefly hitting a record high of 8890.50 in the early minutes. Gains across seven of the 11 sectors were offset by sharp selling in financials and utilities.
Utilities was the weakest sector, down 3.3 per cent as AGL plunged 11.2 per cent amid a 21.2 per cent fall in full-year core profit, hit by lower wholesale power prices and tightening retail margins amid fierce competition.
Financials also fell, led by Commonwealth Bank, which dropped 3.8 per cent as investors took profits despite a full-year cash profit of $10.25 billion, which was up 4 per cent and in line with expectations. ANZ gained 0.8 per cent, while Westpac and National Australia Bank slipped 0.1 and 0.6 per cent, respectively.
Materials supported the market, with Rio Tinto up 0.5 per cent, BHP 0.8 per cent, and Fortescue Metals rising 1.3 per cent following overnight iron ore gains.

Sumber : AFR