Australian shares slip as tech stocks mirror Wall Street peers' losses

Reuters2021-02-11

Feb 11 (Reuters) - Australian shares egded down on Thursday, as a slump in technology stocks following overnight losses in their Wall Street peers outweighed gains in Newcrest Mining

and Telstra on upbeat half-year reports.

The S&P/ASX 200 index slipped 0.09% to 6,850.60 by 0103 GMT. The benchmark closed 0.5% higher on Wednesday.

Major indexes on Wall Street slipped from record levels in the last trading session, with U.S. tech giants Tesla , Amazon.com , Microsoft and Apple weighing the most on the S&P 500 and Nasdaq indexes.

The Australian tech sector followed suit, losing as much as 2.1%. The subindex was set for its worst day since Feb. 1.

WiseTech Global and Afterpay Ltd shed more than 2% each.

The heavyweight financial sector slipped 0.9% with three of the 'Big Four' banks trading in red.

Wealth manager AMP Ltd fell as much as 10.7% to mark its biggest intraday percentage drop since July 31, after U.S.-based Ares Management withdrew its $4.5 billion buyout offer. AMP also posted a 32% fall in annual profit.

Healthcare stocks also fell about 0.7%, with Nanosonics dropping over 7.5% and Healius losing more than 2%.

The gold index rose 3.8% to its highest since Jan. 28, after Newcrest Mining , the country's largest listed gold miner, posted a 98% rise in half-yearly underlying profit.

Shares of Newcrest were set for their best session in eight months and were among top gainers on the ASX 200.

Telstra Corp , the largest telecom company in Australia, strengthened 3.5% after the firm held its interim dividend at 8 cents per share and special dividend of 3 cents per share.

The stock boosted the telecoms index over 1% to its highest since August 2017.

New Zealand's benchmark S&P/NZX 50 index slipped 0.5% to 12,770.63.

Top losers were Meridian Energy and Vista Group , both falling about 2.5%.

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Comments

  • Blim
    2021-02-16
    Blim
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    2021-02-15
    RogerLew
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    2021-02-14
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    2021-02-14
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