Australia: Shares ease after best day in four months, energy stocks top losers

[BENGALURU] Australian shares slipped on Wednesday after posting their best session in nearly four months, as gold and energy stocks lost ground after underlying commodity prices fell overnight.

The S&P/ASX 200 index declined 0.5 per cent to 7,303.20 by 1259 GMT, retreating after Tuesday's 1.5 per cent jump.

Energy stocks shed 1.5 per cent as crude oil prices fell overnight following a discussion by Opec+ countries to raise production.

Sector heavyweights Santos and Woodside petroleum were the biggest drags on the sub-index, falling 2.4 per cent and 1.5 per cent respectively.

Ampol and Viva Energy were trading in negative territory even though the Australian parliament approved plans to pay them A$2.3 billion (S$2.42 billion) to keep their struggling oil refineries open.

Gold stocks slid 0.5 per cent, with bullion prices falling overnight as traders awaited more clarity from the US Federal Reserve regarding its monetary policy after the central bank struck a hawkish tone last week.

Sector heavyweight Northern Star Resources slipped 0.5 per cent, while Ramelius Resources fell 3.2 per cent and was the second-biggest loser on the sub-index.

Financial stocks were down 0.74 per cent, with the 'big four' banks losing between 0.99 per cent and 1.1 per cent.

Tech stocks advanced 0.8 per cent, led by a 1.3 per cent gain in Afterpay and a 0.7 per cent rise in Appen.

Elsewhere, Japan's Nikkei was up 0.29 per cent at 28,968.43.

In New Zealand, the benchmark S&P/NZX 50 index was up 0.25 per cent at 12,565.51.

REUTERS