Australia: Shares subdued as tech, healthcare offset mining gains

AUSTRALIAN shares were little changed in choppy trade on Tuesday, as technology stocks and export-focussed healthcare companies countered gains in mining and banking stocks. The S&P/ASX 200 index was down just 0.1 per cent at 7,144.60 by 0034 GMT. In global equities, stocks rallied after the European Central Bank said it was likely to lift its deposit rate out of negative territory by September. The MSCI all-country world index gained 1.5 per cent, Japan’s Nikkei shed 0.2 per cent and S&P 500 E-minis futures slid 0.7 per cent. The Australian metals and mining index rose 0.8 per cent in its third straight day of gains, as benchmark iron ore futures soared in China on Monday. Sector heavyweights Rio Tinto, BHP Group and Fortescue Metals Group gained 0.6 per cent to 1.6 per cent. Financials added 0.3 per cent. The country’s four largest lenders rose between 0.4 per cent and 1.0 per cent. Energy stocks advanced 0.1 per cent, following a rise in Brent crude futures. Australia’s gas producers Woodside Energy and Santos were up 0.9 per cent and 0.2 per cent, respectively. Domestic technology stocks, meanwhile, lost 2.6 per cent. ASX-listed Block and investment services provider Computershare slid 5.3 per cent and 1.1 per cent, respectively. Healthcare stocks dropped 0.5 per cent as the dollar fell broadly after already selling off last week. Biopharmaceutical firm CSL fell as much as 0.9 per cent, its second straight session of losses. New Zealand’s benchmark S&P/NZX 50 index was down 0.4 per cent at 11,266.91. Data showed that the country’s retail sales volumes fell in the first quarter. REUTERS