Australia: Shares flat as virus cases slow, NZ hits six-month high

[SYDNEY] Australian shares were little changed on Monday, as a drop in fresh coronavirus infections in the state of Victoria and a boost from technology stocks offset early losses in energy and healthcare.

The S&P/ASX 200 index ticked 0.05 per cent higher to 6,112.4 points by 0121 GMT, after falling 0.3 per cent in early trade. The benchmark lost about 0.2 per cent last week, snapping two straight weeks of gains.

Victoria reported its lowest daily rise in new coronavirus cases in seven weeks, fanning hopes that a deadly second wave there is subsiding. The state on Monday reported 116 cases and 15 deaths from the virus in the past 24 hours, down from a peak of more than 700 cases early this month.

Tech stocks jumped 2.4 per cent and hit an all-time high, boosted by the country's biggest buy-now-pay-later firm Afterpay.

Afterpay said it would acquire Spain-based peer Pagantis to expand its operations into Europe, sending its shares to a record high.

Energy units fell 1.3 per cent and led losses on the benchmark as the country's top independent gas producer Woodside Petroleum slid more than 2 per cent.

Meanwhile, Qantas Airways dropped 4.1 per cent after the carrier announced the departure of its international division head in a cost-saving move.

Fortescue Metals Group advanced 2.5 per cent and kept mining stocks afloat after the world's fourth-biggest iron ore miner posted a record full-year profit and quadrupled its final dividend.

New Zealand's benchmark S&P/NZX 50 index rose 0.4 per cent to 11,878.6, its highest level since Feb 24, supported by utilities and industrial stocks.

REUTERS