Australia: Shares unchanged as miners, energy stocks offset gains in banks

[BENGALURU] Australian shares were little changed on Friday, looking past a weak finish overnight on Wall Street, as selling in local miners and energy firms offset gains in banks and healthcare companies.

The S&P/ASX 200 index was largely unchanged at 7,053.90 by 0050 GMT. It was on track to lose about 0.2 per cent for the week, snapping a four-week winning streak.

All three major US indexes finished about 1 per cent lower on Thursday following reports that President Joe Biden planned to double the capital gains tax and raise income taxes on the wealthy.

Elsewhere, Japan's Nikkei declined 1.36 per cent, while MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.4 per cent higher overnight.

In Australia, miners were the biggest drags on the benchmark, losing 1 per cent, with mining giants BHP Group and Rio Tinto falling about 1.8 per cent.

Energy firms were down 0.6 per cent, with Oil Search leading the losses as it shed 1.6 per cent on slashing its 2021 investment expense.

Financial stocks edged higher. Australia and New Zealand Banking Group and National Australia Bank added 0.4 per cent and 0.6 per cent, respectively.

Troubled wealth manager AMP jumped to the top of the index, advancing 7.6 per cent, after it announced plans of a spin off and re-branding of its unit AMP Capital's private markets business, ending talks with Ares Management to sell the business.

In New Zealand, the benchmark S&P/NZX 50 index swung between positive and negative territory, and was little changed as of 0015 GMT. It was on track to lose 0.8 per cent for the week.

The top percentage gainer on the benchmark was Mercury NZ, adding 3.28 per cent, while top loser was Vista Group International, slipping 2.6 per cent.

REUTERS