AAP

World oil prices have fallen sharply as the market seems to do a double-take on a US report showing US crude oil stockpiles have hit a fresh record.

The sharemarket has fallen from its seven-year high after three days of gains, with investors thought to be taking profits in the industrial and financial sectors.

Engineering and contracting firm Transfield Services closed over 6 per cent weaker on the ASX today despite announcing an 80 per cent rise in half-year profit.

Nine Entertainment shares have jumped by nearly 10 per cent after the media group said it had tripled first-half profit and announced a $150 million share buyback.

Mining services firm Ausdrill will cut more jobs as tumbling commodity prices drove a $177 million half-year loss.

The share market is weaker a day after hitting a fresh seven-year high, with the banks and miners in the red.

Qantas says the government's repeal of the carbon tax was a major factor in the airline's return to profit.

Wall Street stocks have finished little changed following mixed corporate earnings and a second day of congressional testimony from Federal Reserve chair Janet Yellen.

The Australian dollar has pushed above 79 US cents for the first time in a month on the back of some strong Chinese data and easing rate hike expectations in the US.

The share market has edged to yet another seven-year high despite major stocks falling as they traded without dividends.

Fly-in, fly-out workers are increasingly afraid to report mental health issues because they don't want to be made redundant by struggling mining companies, a Western Australian parliamentary inquiry has heard.

Listed companies that hoard large amounts of cash have underperformed since the GFC and should start spending, accounting firm Deloitte says.

Shares in Kerry Stokes' Seven Group Holdings have soared on the firm's plans for a share buy-back and despite a 74 per cent drop in first-half profit to $68.4 million.

The market has opened flat despite fresh records on Wall Street on the back of positive congressional testimony by US Federal Reserve chair Janet Yellen about interest rates.

Troubled mining services contractor Macmahon Holdings has fallen into the red with a first-half loss of $112.45 million.

The Dow and S&P 500 have bolted to fresh records after Federal Reserve chair Janet Yellen pledged a cautious approach to raising interest rates.

Oil prices have slipped as traders estimated a key report will show another increase in US crude inventories that already are at record levels, exacerbating the global oversupply.

The Australian dollar is higher after US Federal Reserve chair Janet Yellen said an interest rate before June is unlikely.

Gold prices fell to the lowest level in almost two months on Tuesday after Federal Reserve chair Janet Yellen waxed positive about the economy's performance, even as she appeared to temper any expectations of an imminent rate increase.

BHP Billiton has scrapped the sale of its US Fayetteville shale assets in the face of weak oil prices, less than four months after it was announced, and announced big cuts to its capital spending.

The Australian share market has closed slightly higher, boosted by what investors considered a good financial result from BHP Billiton despite a big drop in the global miner's profit.

QBE Insurance Group is confident it has finally turned the corner after lifting its full year profit by more than $1 billion.

Western Australian taxi patrons who pay their fare with non-cash methods will no longer be slugged a surcharge of up to 11 per cent.

The Australian sharemarket is lower following a lacklustre performance on Wall Street ahead of congressional testimony by Federal Reserve chair Janet Yellen.

US stocks have finished little changed following lacklustre housing data on the eve of congressional testimony by Federal Reserve chair Janet Yellen.

Mining giant BHP Billiton's half-year net profit has dived by 47.4 per cent to $US4.3 billion ($A5.52 billion) after a period of plummeting iron ore prices.

The Australian dollar is back below 78 US cents as commodity prices fall and the US dollar bounces back from last week's fall.

Oil prices have fallen, extending last week's slide as US crude supplies linger at historic levels.

Gold prices have fallen, as a deal between Greece and its European creditors calms nerves in asset markets and lessens the need for holding gold as a hedge against uncertainty.

Troubled mining services company Boart Longyear is confident demand for its services will pick up eventually, despite posting a $US333million first-half loss during the 2014 calendar year.

Strength in the financial and property sectors has lifted the share market.

The housing boom will continue to drive earnings in the medium term, says global construction group Lend Lease, which lifted half-year profit by 25 per cent to $315.6 million on the back of strong demand for apartments.