Feb 20 (Reuters) – Australian shares were muted on
Tuesday as tepid performances in heavyweight commodities
partially eclipsed gains in financials and banking stocks, while
trading was thin as the U.S. markets were closed for a public
holiday.
The S&P/ASX 200 index held its ground at 7,660.50
points by 0008 GMT. The benchmark index closed 0.1% higher on
Monday.
Meeting minutes from the Reserve Bank of Australia showed
that it considered hiking rates by another quarter point in
February, but decided to stand pat even as the central bank
needs more time to be confident that inflation is declining.
The mining sector retreated 0.6%, with Rio Tinto
and Fortescue losing 0.8% and 0.4%,
respectively.
Shares of BHP Group lost 0.5% after the world’s
largest-listed miner said its first-half underlying profit was
largely unchanged from a year earlier, but flagged higher costs
from the impact of global inflation persisting into the second
half.
Energy stocks fell 1.1%, with Woodside Energy
and Santos slipping 1.3% and 0.6%,
respectively.
Among individual stocks, Star Entertainment plunged
as much as 25.9% to a record low after the company resumed
trade, as it faces a second inquiry into its Sydney casino
operations.
Bucking the sombre mood, bank stocks rose 0.5%, with
Commonwealth Bank of Australia, National Australia Bank
and Westpac Banking Corp rising between 0.4%
and 2.3%. ANZ Group Holdings lost 1.8%.
Suncorp emerged as the second-biggest gainer in the
benchmark index after the Australian Competition Tribunal
allowed ANZ Group’s buyout of its banking business.
The healthcare sub-index and IT stocks lost
0.2% and 0.3%, respectively.
New Zealand’s benchmark S&P/NZX 50 index was down
0.6% at 11,585.99 points.
(Reporting by Neha Soni in Bengaluru; Editing by Sherry
Jacob-Phillips)
