Miners, gold stocks push Australian shares lower; earnings remain in focus

Reuters
02-12
Miners, gold stocks push Australian shares lower; earnings remain in focus

Feb 12 (Reuters) - Australian shares inched lower on Wednesday as miners and gold stocks led losses, while investors continued to focus on key corporate earnings.

The S&P/ASX 200 index .AXJO was down 0.1% to 8,473.4, as of 2330 GMT. The benchmark ended flat on Tuesday.

Investors continued to assess the slew of incoming corporate earnings, with heavy-weights such as Commonwealth Bank of Australia CBA.AX, Suncorp Group SUN.AX and AGL Energy AGL.AX beating estimates.

Suncorp Group rose as much as 5.7% to hit a record high level, after the insurer posted a 30% rise in its first-half cash earnings and beat estimates, along with a special dividend. The stock was among the top gainer on the benchmark index.

Commonwealth Bank of Australia CBA.AX reported better-than-expected first-half cash earnings. Shares of the lender - one of the "Big Four" in the country - was, however, down 0.9%.

Financials .AXFJ were flat during the session.

Gold stocks .AXGD shed as much as 1.5%, after bullion prices slipped. GOL/

However, gold miner Evolution Mining EVN.AX was up 1.8% as its first-half profit rose 277%.

Miners .AXMM fell as much as iron ore retreated, with U.S. President Donald Trump's new tariff threats countering supply disruptions. IRONORE/

Mining giants BHP Group BHP.AX, Rio Tinto RIO.AX and Fortescue lost between 0.2% and 0.8%.

Bucking the trend, energy stocks advanced as much as 1.7%, helped by gains in oil prices. O/R

AGL Energy gained as much as 2.7% to its highest level since early-October, as its first-half underlying profit was ahead of analyst estimates. The stock was among the top gainers on the benchmark index.

Overnight, the U.S. Dow Jones Industrial Average .DJI rose 0.28% and the S&P 500 .SPX was flat, while Nasdaq .IXIC lost 0.36%.

In New Zealand, the benchmark S&P/NZX 50 index .NZ50 was flat at 12,916.24.

(Reporting by Sherin Sunny in Bengaluru; Editing by Rashmi Aich)

((Sherin.Sunny@thomsonreuters.com))

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