Australia: Stocks end flat as Rio Tinto, CBA offset early gains

[SYDNEY] Australian shares ended little changed on Thursday as losses in Commonwealth Bank and Rio Tinto tempered gains driven by robust blue-chip earnings and gold miners.

The S&P/ASX 200 index settled 0.05 per cent higher at 7,588.2, as the benchmark extends a strong rally since April on the back of a post-pandemic economic recovery.

Rio Tinto shares, the biggest drag on the index, slid as much a 7 per cent as they traded ex-dividend.

Commonwealth Bank of Australia dropped as much as 2.4 per cent, its biggest intraday loss since June 21, a day after it reported annual results and a large share buyback. Analysts had flagged concerns around revenue growth going forward.

Broader financials fell 0.3 per cent, although National Australia Bank added as much as 1.2 per cent thanks to a jump in its third-quarter cash profit.

Gold stocks rose 0.2 per cent, snapping five sessions of losses, after tame US consumer price data eased fears that the Federal Reserve would taper stimulus sooner than expected.

Index heavyweight Newcrest Mining and Northern Star Resources led gains, each climbing 0.3 per cent.

Technology stocks were the biggest losers, dropping 1.1%, dragged by a 1.4 per cent dip in buy now, pay later firm Afterpay.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index fell 0.09 per cent to 12,737.

REUTERS