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Gold miners drag down Australian shares; BHP, Westpac soar

Published 17/02/2021, 11:47 am
© Reuters.
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* Gold miners down 5%, healthcare down 2%

* Westpac jumps 6% after posting 16% rise in Q1 profit

* BHP hits record high, up as much as 5%

* Treasury Wine to reorganise into 3 divisions

Feb 17 (Reuters) - Australian shares inched lower on Wednesday after two sessions of gains, as losses in healthcare and gold miners eclipsed huge strides made by iron ore mining giants and banks.

The S&P/ASX 200 index .AXJO was down 0.3% to 6,897.60 by 2340 GMT, slipping from a one-year closing high scaled in the previous session.

Gold miners .AXGD were the biggest percentage losers in the benchmark, shedding as much as 5% as bullion prices fell to their lowest in more than a week overnight on stronger U.S. Treasury yields. GOL/

Northern Star Resources NST.AX and Evolution Mining EVN.AX were among top losers, shedding up to 5.6% each and hitting their lowest since April 2020.

Healthcare stocks .AXHJ were down 2%, led by CSL Ltd CSL.AX and ASX-listed shares of Resmed Inc RMD.AX , which gave up 2.2% and 3.7%, respectively.

Grocery chain Coles Group COL.AX slumped 6%, marking its biggest intraday fall since March 2020, after it warned of a moderation in sales in its biggest revenue generator supermarkets division in the second half and into fiscal 2022. Treasury Wine Estates TWE.AX declined 1% after adding nearly 3.5% in early trade as it said it would reorganise into three new divisions and reported a drop in its half-yearly profit. gainers, financials .AXFJ rose up to 1%, with Westpac Banking Corp WBC.AX jumping 6% to hit its highest in nearly a year on reporting a higher first-quarter profit compared with the average of the previous two. results affirm the view that we are seeing shoots of green in credit growth and the housing market," said James McGlew, executive director, corporate stockbroking at Argonaut.

"The stimulus provided by the government is having the desired effect ... looks like the cold winter for the banks is thawing out."

Miners .AXMM added up to 2.1%, with BHP BHP.AX leading the pack, advancing nearly 5% to hit a record high.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 edged higher to 12,619.33.

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