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ASX 200 flat
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NAB slumps over 6.0%
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Gold stocks, miners, tech up
(Updates to close)
By Rishav Chatterjee
May 4 (Reuters) - Australian shares ended largely
unchanged on Thursday, as heavy drag in financials post-National
Australia Bank's dismal outlook offset gains in mining,
commodities and energy stocks.
The benchmark S&P/ASX 200 index was at 7,193.2
points at the close of trade, falling marginally by about 0.1%.
The index edged lower for a third consecutive session as
fears over global economic downturn persisted after the U.S.
Federal Reserve raised its overnight interest rate by a quarter
of a percentage point.
Back in Sydney, financials emerged as the only
laggards with the sub-index ending the day 2.5% lower.
Major lendor National Australia Bank Ltd plunged
6.1% after it fell short of analyst forecasts in half-year
profit released and warned that windfall from rising interest
rates had peaked.
Other three major banks ANZ Group Holdings Ltd ,
Commonwealth Bank of Australia and Westpac Bankng Corp ended the day down between 2.2% and 4.2%.
"NAB results were disappointing. It showed that there was
compression of margins and it was below expectations. The
earnings were below what the market was looking for," said Tony
Sycamore, market analyst at IG markets.
Miners emerged as major winners on the ASX 200, with
the index ending the day 1.2% higher. Iron ore giants BHP Group
Ltd , Rio Tinto Ltd and Fortescue Metals Ltd ended the day up 1.6%, 1.4% and 1.3% respectively.
Energy stocks gained on the back of a rebound in oil
prices. Sector majors Woodside Energy Group Ltd and
Santos Ltd added 1.1% and 2.0%.
Gold stocks also added significant gains as bullion prices hovered near record high. Evolution Mining Ltd and Northern Star Resources Ltd ended the day 6.7% and 2.3% higher. Technology and Real Estate stocks also added gains, ending the day 1.2% and 2.0% higher. New Zealand's benchmark S&P/NZX 50 index rose 0.5% to finish the session at 11,968.6 points. (Reporting by Rishav Chatterjee in Bengaluru; Editing by Varun H K)
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