Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Australia shares dragged down by financials profit taking; NZ higher

Published 11/02/2019, 12:53 pm
Updated 11/02/2019, 01:00 pm
© Reuters.  Australia shares dragged down by financials profit taking; NZ higher
AXJO
-
BHP
-
CBA
-
ANZ
-
RIO
-
JBH
-
OGC
-
AOG
-
NAB
-
RIO
-
WBC
-
NG
-
AXMM
-
AXFJ
-
NZ50
-
JHC
-
EHE
-
REG
-
CEN
-

* Aged-care stocks rise on new funding

* Financials stock ease after strong gains last week

By Nikhil Subba

Feb 11 (Reuters) - Australian shares edged lower on Monday, as financial stocks gave up some of last week's rally, capping broader gains in the market that were driven by the mining and gold sectors.

The S&P/ASX 200 index .AXJO fell 0.3 percent to 6,052.9 by 0050 GMT. The benchmark slipped 0.1 percent on Friday.

Australia's financial index .AXFJ was the biggest drag to the benchmark, falling 1.15 percent to 5,843.70 with all the "Big Four" banks trading lower.

Westpac Banking Group WBC.AX and National Australia Bank NAB.AX both slipped around 1.5 percent while Australia and New Zealand Banking Group ANZ.AX and Commonwealth Bank CBA.AX were down about 1 percent.

"Financials (are) weighing on the market, both given the pullback in the currency and people taking a bit of profit since it has been an outperformer recently," said Mathan Somasundaram, market portfolio strategist at Blue Ocean Equities.

The government-appointed inquiry into misconduct and wrongdoings in the financial sector released its final recommendations last week, which was seen as less severe than expected, fuelling a rally among financials that boosted the benchmark. care-focused firms rallied, helped by the government's new funding announcement for care facilities ahead of an inquiry into the sector.

Estia Health EHE.AX rose 8.15 percent to its highest since Sept. 18. Other major aged care-focused players Japara Healthcare Ltd JHC.AX rose as much as 10.4 percent, Regis Healthcare REG.AX as much as 5.9 percent and Aveo Group AOG.AX 1.16 percent.

In the resources sector, global miner BHP Group BHP.AX rose 1.6 percent, while rival Rio Tinto (LON:RIO) Ltd RIO.AX added 1.1 percent, pushing the sector index .AXMM higher.

Gold explorer OceanaGold Corp OGC.AX was the best performer in the sector, rising as much as 4.75 percent, its biggest intraday percentage gain since Jan 2, aided by strong gold prices. GOL/

Additionally, Australian electronics retailer JB Hi-Fi Ltd JBH.AX bucked gloomy sales conditions to post a 5.5 percent rise in half-year profit on Monday, sending its shares to a six-week high. Zealand's benchmark S&P/NZX 50 index .NZ50 rose 0.4 percent, or 37.21 points, to 9,215.06.

Electricity and natural gas supplier Contact Energy Ltd CEN.NZ was among top boosts on the New Zealand benchmark, climbing as much as 1.77 percent after posting robust half yearly results.

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.