Australia: Shares close little changed on grim business activity survey

[SYDNEY] Australian shares closed little changed on Thursday as a survey showing grim business activity data overshadowed a surge in exports, while losses in healthcare and financial stocks eclipsed gains in miners.

The S&P/ASX 200 index settled 0.1 per cent, or 4.1 points, lower at 5,217.10, after rising 1.2 per cent in early trade on hopes that the US House of Representatives would pass a fresh US$484 billion relief package to aid small businesses amid the coronavirus pandemic.

Australian shares pared gains after a survey showed the country's overall activity index plunged to a record low of 22.4 in April, compared with 40.7 in March, implying a contraction. Virus-driven lockdowns and social distancing hit the services sector hardest.

Across the Tasman Sea, New Zealand's benchmark S&P/NZX 50 index rose 0.3 per cent, or 28.44 points, to finish at 10,446.11.

REUTERS

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