June 8 (Reuters) - Australian shares were effectively flat from the previous session on Thursday as investors digested disappointing trade data out earlier in the day.
The S&P/ASX 200 index .AXJO was 0.03 percent, or 0.828 points, up to 5,668 by 0305 GMT. The index had closed 0.274 points lower on Wednesday.
Australia's A$555 million ($417.92 million) April trade surplus out on Thursday missed expectations of A$ 1.95 billion, signalling another round of disappointing economic growth. posted its slowest rate of economic growth since 2009 in the March quarter, data showed on Wednesday. McGlew, executive director of corporate stockbroking at Argonaut, said Thursday's trade balance was cyclical.
ASX stocks fell slightly on the trade news before steadying.
Energy shares fell on overnight declines in oil prices with Woodside Petroleum WPL.AX falling 2.1 percent and Oil Search OSH.AX down 1.6 percent, its lowest in nearly three months. O/R
Basic material stocks declined on falls in iron ore, copper and gold prices. IRONORE/ MET/L GOL/
BHP BHP.AX and Fortescue Metals FMG.AX lost 0.04 percent and 3 percent respectively, while Rio Tinto (LON:RIO) RIO.AX eked out marginal gains.
Gold bellwether Newcrest Mining NCM.AX shed as much as 1.9 percent, it biggest intraday loss in two weeks.
Telecom stocks Telstra TLS.AX and TPG Telecom TPM.AX fell more than 1.6 percent each, with Telstra being the biggest drag on the benchmark. Argonaut's McGlew said Telstra shares may be seeing some profit-taking.
A gain of up to 3.2 percent in CSL Ltd CSL.AX , its biggest intraday gain in nearly four months, drove healthcare stocks higher.
New Zealand's benchmark S&P/NZX 50 index .NZ50 lost 0.2202 percent, or 15.11 points, to 7,452.79 on track to post its third straight session of losses.
Auckland International Airport AIA.NZ and Ryman Healthcare RYM.NZ declined 1.9 percent and 1.7 percent, taking the most off the index.
Spark New Zealand SPK.NZ , which was the biggest drag in the previous session, gained 0.7 percent on Thursday.
For more individual stocks activity click on STXBZ ($1 = 1.3280 Australian dollars)