SYDNEY/WELLINGTON, March 22 (Reuters) - Australian shares dithered either side of flat on Tuesday with Wall Street offering no lead and bulls chastened by the repeated failure to break major chart resistance in the past week.
The S&P/ASX 200 index .AXJO was off 1.2 points, or 0.02 percent, at 5,165.4 by 0130 GMT. Traders said the market was in consolidation mode after topping around 5,216 last week, but also has strong support around 5,088.
Telecoms was the biggest gaining sector with a jump of 1.9 percent, led in large part by upbeat results from internet provider TPG Telecom TPM.AX .
TPG's stock added over 5 percent after reporting a near 90 percent jump in its first half net profit and a strong outlook for the full year. stocks gained in line with rising prices for crude, with the energy sector index up 0.5 percent .AXEJ . U.S. crude was trading at $41.43 a barrel CLc1 on Tuesday, the highest since early December and a world away from the February trough of $26.05.
New Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.16 percent or 10.60 points to 6,652.54.
The index hit a record high of 6,657.15 as yield-hungry investors continued to shift funds out of bank deposits amidst New Zealand's record low interest rates.
Outdoor clothing and equipment retailer Kathmandu KMD.NZ led gains, rising 2.4 percent after its half-year results showed sales increased by 9.3 percent. company Tower TWR.NZ rose 1.1 percent and milk company A2 Milk ATM.NZ gained 1.0 percent.
Steel Tube STU.NZ led losses, falling 1.7 percent and Fisher&Paykel Healthcare FPH.NZ lost 1.6 percent.