Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Australia shares end flat as losses in miners offset gains in financials

Published 03/05/2021, 05:05 pm
Updated 03/05/2021, 05:06 pm
©  Reuters

* Financial stocks sole gainers on ASX

* Westpac climbs 5% on upbeat interim results

* NZ shares up 0.3%, gain for fourth day (Updates to close)

By Vasudha Kaukuntla

May 3 (Reuters) - Australian shares ended flat on Monday with losses in miners and tech stocks offsetting gains in financials amid muted trading in broader Asian markets.

The S&P/ASX 200 index .AXJO rose 0.04% to 7028.80 at the close of trade, with the financials sector being the sole gainer as Westpac Banking Corp WBC.AX kicked off the earnings season for lenders on a strong note.

Asian share markets started off slow on Monday, as holidays in China and Japan thinned volumes while investors awaited data this week which should show the U.S. leading a global economic recovery. MKTS/GLOB

Financial sector .AXFJ rose 1.4%, with Westpac jumping 5% after its first-half cash earnings more than tripled from last year's plunge, helped by money it had previously set aside to cover potential COVID-19 losses. a normal day, one could have thought Westpac's upbeat earnings would have added more positive momentum but some of the miners have come-off a bit, with markets struggling for any real direction", said Nick Twidale, chief executive officer of APAC for FP Markets.

"For the rest of the week, we can expect other banks coming off nicely with upbeat results with Westpac's earnings as good indication," Nick added.

Metals and mining index .AXMM fell 1% due to subdued iron ore and copper prices, with sector heavyweights BHP Group BHP.AX and Rio Tinto (LON:RIO) RIO.AX shedding 1.4% and 0.9% respectively.

Technology stocks .AXIJ dragged 1.9%, taking cues from U.S. peers, with Nuix Ltd NXL.AX as the biggest loser on the subindex, down 4.1%. Buy-now-pay-later heavyweight Afterpay APT.AX slipped 3.1%.

Data showed Australian home prices posted another solid increase in April while job advertisements climbed for an 11th straight month, suggesting a strong demand for labour. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.3%, to finish at 12768.84, gaining for a fourth consecutive session. The benchmark gained 0.1% in the previous session.

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.