Australian Shares Flat as Service Sector Expansion Slows; Origin Withdraws from Orica's Hydrogen Project

MT Newswires Live10-03

Australian shares were flat with a positive bias on Thursday as investors weighed in on the slowing expansion of the domestic services sector and the widening trade surplus.

The S&P/ASX 200 was little changed to close at 8,205.20.

Australia's services sector expanded at a softer pace in September amid a renewed downturn in exports, with the Judo Bank Australia Services PMI Business Activity Index falling to 50.5 in September from 52.5 in August.

Elsewhere, the Australian Bureau of Statistics said that Australia's goods surplus widened by AU$8 million to AU$5.64 billion between July and August amid lower imports.

Goods exports were down 0.2%, or AU$66 million, to AU$43.23 billion while goods imports fell 0.2%, or AU$75 million, to AU$37.58 billion.

In corporate news, Origin Energy (ASX:ORG) said Thursday it is withdrawing from the proposed Hunter Valley hydrogen development project with Orica (ASX:ORI) due to the slower-than-anticipated development of the hydrogen market. Origin and Orica shares ended marginally lower.

Meanwhile, Westpac Banking (ASX:WBC, NZE:WBC) agreed to sell its auto finance loan book, comprised of loans and receivables, to Australia and New Zealand non-bank lender Resimac Group (ASX:RMC) in a transaction valued at AU$1.4 billion to AU$1.6 billion. The bank's shares closed down more than 1%.

Lastly, Pure Hydrogen's (ASX:PH2) shares jumped 11% at market close after signing a memorandum of understanding with US-based ETHERO Truck + Energy for the company to supply hydrogen fuel cell electric and battery electric vehicles to the US market.

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