Feb 20 (Reuters) - Australian shares were little changed
on Monday as gains in financials were offset by energy stocks,
with recent U.S. data increasing concerns of more rate hikes by
the Federal Reserve.
The S&P/ASX 200 index was flat at 7,343.80 points by
2334 GMT, after falling 0.9% on Friday.
U.S. data last week pointed to elevated inflation, a tight
job market, and resilience in consumer spending, giving the Fed
more room to raise borrowing costs. Two Fed officials also
warned additional hikes in borrowing costs were essential to
lower inflation back to desired levels.
Meanwhile, the country's top fuel supplier Ampol jumped around 4% on record profit and a strong start to 2023.
BlueScope Steel fell over 11% to be the top loser
on the benchmark after it warned of lower underlying earnings
before interest and tax for the second half of the financial
year.
Energy stocks slid 0.5% as oil prices fell. Sector
major Woodside and Santos toppled 0.5% and 1%. Export-reliant miners fell 0.1% despite higher
iron-ore prices. Sector giant BHP Group , Rio Tinto and Fortescue Metals , however, gained. Financials rose 0.2%, with three out of the "Big
Four" banks gaining 0.3% to 0.4%
Gold stocks chased bullion prices higher, up 0.4%.
Sector heavyweight Newcrest Mining added 0.3%. Tech stocks climbed 0.2%.
In New Zealand, the benchmark S&P/NZX 50 index fell
1% to 12,018.88 points, hitting its lowest since Feb. 1.
Dairy firm A2 Milk tumbled more than 7% after
flagging higher costs for FY23 while reporting a higher profit.
(Reporting by Nausheen Thusoo in Bengaluru; editing by
Uttaresh.V)
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