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Australian shares trade flat as vaccine winners catch breath

Published 12/11/2020, 12:10 pm
Updated 12/11/2020, 12:12 pm
© Reuters.

* Energy stocks on track for best week ever

* Telecom firm Telstra soars on shake-up plans

* NZ shares eye eighth straight session of gains

By Shruti Sonal

Nov 12 (Reuters) - Australia's benchmark share index paused on Thursday, after a five-day rally, as losses in energy, financial and travel-related stocks offset a strong showing by tech firms.

The S&P/ASX 200 index .AXJO was trading flat by 2345 GMT, having risen as much as 0.3%. However, it was on track for a weekly rise of more than 4%.

Airlines, oil firms, and banks, which rallied during the week on positive coronavirus vaccine-related developments, fell.

"After five days of consecutive gains in those sectors, it is understandable that the markets will be taking a breather, and today is an example of that", said Steven Daghlian, market analyst at CommSec.

Qantas Airways QAN.AX , Flight Centre Travel Group FLT.AX and Sydney Airport Holdings SYD.AX declined.

Energy stocks .AXEJ , up more than 15% in their best week ever, were down 0.6%.

Tech stocks .AXIJ jumped more than 3%, tracking gains in U.S. peers overnight, as investors switched back to the sector. .N

Software firm Xero Ltd XRO.AX hit a record high after its half-year profit soared. gold sub-index .AXGD slipped more than 1.5%, hitting its lowest since June 22, after bullion prices fell due to a stronger dollar and hopes for a quick economic rebound.

Financial stocks .AXFJ were down as much as 0.9%, with the "Big Four" banks losing between 0.2% and 1.8%.

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Among individual stocks, broadcaster Nine Entertainment NEC.AX led gains on the benchmark, hitting a two-year high on upbeat outlook. biggest telecom firm Telstra Corp TLS.AX jumped more than 6% on plans to split into three units as part of a major restructuring. New Zealand, the benchmark .NZ50 was up 0.3% and on track for its eighth consecutive session of gains.

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