Australia: Shares flat as weaker miners overshadow travel cheer

[BENGALURU] Australian shares were flat on Friday, with losses in major miner on weaker commodity prices offsetting gains in travel stocks, as the country's second-largest city emerged out of the world's longest Covid-19 lockdown.

The S&P/ASX 200 index fell 0.1 per cent to 7,407.4 by 0021 GMT. The benchmark ended 0.02 per cent higher on Thursday.

Melbourne emerged from its latest spate of Covid-19 restrictions after enduring nearly nine months of restrictions during six separate lockdowns since March 2020, representing the longest cumulative lockdown for any city in the world.

Travel stocks surged as lockdowns lifted across the east coast of the country, with travel agents Flight Centre Travel and Webjet gaining 3.1 per cent and 3.2 per cent, respectively.

Flight operator Qantas rose 4.9 per cent to a 1-1/2-year high, after it brought forward plans to reopen popular international flight routes.

Major miners fell 1.8 per cent on the back of plunging iron ore prices overnight.

The country's big mining triumvirate - BHP Group, Rio Tinto and Fortescue Metals fell between 1.5 per cent and 2.2 per cent.

Rail operator Aurizon dropped 6.9 per cent in its biggest intraday plunge in over a year after announcing an A$2.35 billion (S$2.37 billion) deal to acquire One Rail Australia (ORA) from Macquarie's funds.

New Zealand's benchmark S&P/NZX 50 index rose 0.24 per cent to 13,157.5.

Elsewhere, Japan's Nikkei was down 0.15 per cent and S&P 500 E-minis futures were down 0.17 per cent.

REUTERS