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Australian shares inch lower as financials drag; NZ gains

Published 13/08/2020, 11:49 am
Updated 13/08/2020, 11:54 am
© Reuters.

© Reuters.

* AGL Energy set for worst day in near 12 years

* AMP among the top pct gainers on the Aussie benchmark

* NZ shares rebound after a steep fall in the previous session

By Deepali Saxena

Aug 13 (Reuters) - Australian shares edged lower on Thursday, pulled down by losses in heavyweight financial stocks, even as the country's second-most populous state reported its lowest single-day rise in new coronavirus infections in more than three weeks.

The S&P/ASX 200 index .AXJO was down 0.3% to 6117.8 by 0112 GMT, on track for a second consecutive day of declines.

Financial stocks dominated losses on the local benchmark, falling nearly 1% with the 'Big Four' banks dropping between 1.4% and 2.7%.

AGL Energy AGL.AX , the country's top power producer, dropped nearly 9% and was the top percentage laggard to the benchmark as it warned that its profit could shrink as much as 30% in fiscal 2021. state logged eight coronavirus deaths on Thursday, down from 21 a day earlier with the number of new daily infections also showing signs of improvement. the gainers, technology stocks .AXIJ tracked their U.S. peers higher, jumping over 2% with buy-now-pay-later firm Afterpay APT.AX adding nearly 2%.

Gold stocks .AXGD rallied 1.5% after the yellow metal recovered from its worst fall in seven years. GOL/

Newcrest Mining NCM.AX , which is set to report its full-year results on Friday, advanced nearly 2%, while Evolution Mining EVN.AX gained 1.9% after reporting a higher annual profit. manager AMP Ltd AMP.AX was on course for its best session since late August 2003 as it sought to return A$544 million ($390.32 million) to shareholders through a special dividend and buyback. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.68% to 11570.36 as of 0121 GMT, set for its best session in over a week on the back of healthcare stocks.

The Reserve Bank of New Zealand surprised markets on Wednesday by expanding its bond-buying programme and warned that policy rates might have to go below zero to revive the coronavirus-battered economy as the country was plunged back into lockdown. = 1.3937 Australian dollars)

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