The S&P/ASX 200 inched up 0.1 per cent to 5561.7 and the All Ordinaries added 0.1 per cent to 5653.6.

Despite big movements in individual shares, particularly of companies reporting, the benchmark index once again remained reluctant to break out of the range of between 5480 and 5580 points in which it has been stuck for most of August.

"There does seem to be a feeling in global markets that many investors are waiting for everyone to return from northern hemisphere summer holidays to see some direction in markets," said IG market analyst Angus Nicholson.

"With valuations high, and yields low, we have seen much of the gains in the past week being driven by funds seeking out the more safe-haven like parts of the market, such as utilities, consumer staples and piling into higher yielding names."

On Wednesday, Telstra was the biggest drag on the benchmark index, losing 3.5 per cent as the telecom traded ex-dividend.

Retail and resources conglomerate Wesfarmers was another bluechip weighing heavily on the market, losing 2.2 per cent after recording its worst net profit in 15 years.

Other stocks that sold off following earnings reports included A2 Milk, Boral, McMillan Shakespeare and Blackmores.

But it wasn't all bad news on the earnings front. Ardent Leisure was the second biggest winner on the ASX 200, surging 14 per cent after unveiling a 32 per cent rise in annual profit, thanks to rising numbers of Chinese visitors to its theme parks.

Sirtex Medical and Spotless Group also posted healthy gains after reporting results.

Overall, it's been an underwhelming earnings season so far, according to Mr Nicholson.

"With 125 of 195 companies having reported so far, total earnings for the index have been 12.4 per cent below where analyst consensus estimates were expecting. It's only the energy and materials sectors that have managed to beat consensus estimates."

Market movers

Qantas

Australia's biggest airline pleased investors by declaring its first dividend in seven years and posting a record profit. Even though the result fell slightly short of expectations and challenges remain, especially in the domestic market, the stock added 1.5 per cent, as the airline flagged further share buybacks.

Blackmores

Is the party over for the former market darling? Blackmores shares hit a 2016 low, plunging close to 20 per cent, after the vitamins company warned that growth in the first quarter of this financial year had slowed. The company still reported a doubling in annual net profit to $100 million and used some of the proceeds for a generous bonus of nearly nine weeks' pay for its staff.

Woolworths

It was supposed to be Wesfarmers' day in the limelight but Woolies hogged some of the attention a day ahead of its own result when it put its shares into a trading halt. The retailer carved up its ill-fated hardware division, selling off the Home Timber & Hardware unit to Metcash, the Masters properties to a consortium including Chemist Warehouse and the Masters inventory to GA Australia.

Aussie dollar

The one important event on the domestic economic calendar this week - construction work done in the second quarter - came and went without causing much of a stir, despite building work shrinking by 3.7 per cent, or more than expected. The Aussie dollar held onto its US76c handle, barely budging as traders remain focused on a central bank talkfest later this week.

Stock watch: Aconex

Several downgrades took their toll on Aconex, a high flyer this year, which lost 6.3 per cent on Wednesday.

The construction software maker on Tuesday reported a 50 per cent rise in revenue and an operating profit of $13.6 million, which came in slightly below the lofty expectations of the analyst crowd.

Both Credit Suisse and Deutsche cut their recommendations by one notch and are now neutral on the stock, mainly due to its high valuation after soaring more than 40 per cent this year.

But Deutsche remains a fan of Aconex, saying the company is well-placed to expand market share as well as applauding its "globally scalable, highly cash-generative" software licensing model.