Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Australia shares end flat as banks offset resource stocks gains; NZ down

Published 27/12/2017, 04:37 pm
© Reuters.  Australia shares end flat as banks offset resource stocks gains; NZ down
AXJO
-
BHP
-
CBA
-
RIO
-
BHPB
-
OSH
-
RIO
-
WDS
-
HG
-
AXMM
-
QAN
-

(Updates to close)

Dec 27 (Reuters) - Australian shares closed flat on Wednesday with declines in financial and industrials sectors offsetting strong gains in miners and energy stocks, made after rises in copper and oil prices.

The S&P/ASX 200 index .AXJO rose 0.2 points to 6,069.900 at the close of trade. The benchmark rose 0.2 percent on Friday.

Materials led gains on the benchmark on Wednesday, underpinned by a strengthening in copper prices, which rose to their highest in nearly three-and-a-half years. MET/L

The Australian metals and mining index .AXMM climbed 1.1 percent to a near 5-year closing high, extending its winning streak to an 11th consecutive session. Global miners BHP Billiton (LON:BLT) BHP.AX and Rio Tinto (LON:RIO) RIO.AX added 0.9 percent and 0.5 percent, respectively.

Energy stocks outperformed all other sectors on the benchmark, supported by a surge in oil prices, which rose to 2-1/2-year highs in light trading volume on Tuesday, before slipping on Wednesday. O/R

Oil and gas company Woodside Petroleum WPL.AX gained 0.6 percent to an over one and a half month high, while Oil Search Ltd OSH.AX added 1.3 percent.

Conversely, higher oil prices contributed to selling in Qantas Airways QAN.AX , which fell 2.5 percent to its lowest since May 31.

"I think Qantas is being affected by where the oil prices are headed. We have been looking at oil prices as a positive sector for past couple of months and that's playing out right now," said Mathan Somasundaram, Market Portfolio Strategist at Blue Ocean Equities

Financials accounted for most of the losses on the benchmark, with index heavyweight Commonwealth Bank of Australia CBA.AX falling 0.3 percent.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index .NZ50 reversed earlier gains in the session to dip 0.2 percent, or 20 points, to finish the session at 8,376.430.

Utilities accounted for most of the losses, with Mercury NZ Ltd MCY.NZ declining 2.2 percent to close at its lowest since Dec. 11.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.