Australian shares flat as financials counter energy, real estate strength

Reuters
11/07
Australian shares flat as financials counter energy, real estate strength

Nov 7 (Reuters) - Australian shares were little changed on Friday, as dour performances in financials following a disappointing half-year profit from top investment bank Macquarie partially offset gains in local energy, real estate, and healthcare stocks.

The S&P/ASX 200 index .AXJO was flat at 8,826.80 points, as of 2349 GMT, and on track for its second weekly loss, if the current momentum persists.

Shares of Macquarie Group MQG.AX declined 5.5% to hit their lowest point in more than five months, after the lender's half-year profit missed estimates on a lacklustre commodities division.

Top lender CBA CBA.AX slipped 0.8%, set to snap a two-session winning streak during which it gained about 2.5%. Shares of Westpac WBC.AX also fell 0.8% after hitting a record high on Wednesday.

The broader financial index .AXFJ dropped 0.6% on Friday, though it remained on track for its best weekly performance since late September.

Technology stocks .AXIJ led percentage losses on the benchmark index, falling 1.4% after a weak close on Wall Street overnight amid a tech-sector selloff .N.

Shares of WiseTech Global WTC.AX and Xero XRO.AX each declined more than 1%.

Mining stocks .AXMM edged 0.2% lower, with Rio Tinto RIO.AX and Fortescue FMG.AX each down more than 1%, while BHP BHP.AX slipped 0.5%.

Offsetting some of the losses, gold miners .AXGD rose 1.1% as bullion advanced on a weaker dollar and a resurgence of safe-haven demand amid concerns over a prolonged U.S. government shutdown and uncertainty over the legality of tariffs. GOL/

Shares of Northern Star Resources NST.AX and Evolution Mining EVN.AX jumped 1.1% and 2%, respectively.

The energy sub-index .AXEJ jumped nearly 1%, with Woodside Energy WDS.AX and Santos STO.AX up 1.6% and 0.6%, respectively.

Healthcare stocks .AXHJ advanced 0.6%, while the real estate sub-index .AXRE climbed 0.4%.

Shares of Qantas QAN.AX plunged 4.1% to hit their lowest level since mid-May after the Australian airline cut its domestic unit revenue forecast for the first half of 2026 and flagged a slight rise in fuel costs.

New Zealand's benchmark S&P/NZX 50 index .NZ50 climbed 0.4% to 13,625.29 points.

(Reporting by John Biju in Bengaluru; Editing by Sherry Jacob-Phillips)

((John.Biju@thomsonreuters.com))

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