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Australia shares flat as gains in miners cushion subdued financials

11/24/2021 | 07:26pm EST

Nov 25 (Reuters) - Australian shares were largely unchanged on Thursday, as gains in local miners on rising iron ore prices were offset by losses in financial stocks.

The S&P/ASX 200 index slipped 0.09% to 7,392.6 by 0002 GMT.

Mining stocks rose about 1% and were the biggest boost to the main index, after the benchmark iron ore futures jumped 5.8% extending on a 10% jump from the previous session.

Sector heavyweights BHP, Rio Tinto and Fortescue gained between 1% and 2.8%, with Foretscue touching its highest level since Sept. 14.

Australia tech stocks rose 1.5% despite a mixed Wall Street session overnight, with EML Payments rising over 16% to track its best day since February, after Ireland's central bank allowed its unit to sign new customers and launch new programs.

Afterpay was also among top gainers on the sub-index, rising 3.2% - tracking a 2.4% jump in Square on Wednesday.

Bucking the trend, financials fell for a second consecutive session and were down by 0.6%, with all of the "Big Four" banks in the red.

Shares of National Australia Bank was down about 1%, even after the country's competition watchdog approved its acquisition of Citi's local consumer business.

New Zealand's benchmark S&P/NZX 50 index rose 0.8% to 12,868.4, with the country's biggest company by market value, Fisher & Paykel, hitting a two-month high on upbeat results.

New Zealand also posted a monthly trade deficit for the month of October, a day after the country's central bank lifted interest rates for the second time in as many months amid rising inflationary pressures and easing coronavirus curbs.

(Reporting by Indranil Sarkar in Bengaluru; Editing by Rashmi Aich)

© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AFTERPAY LIMITED -2.18% 66.47 Delayed Quote.-18.14%
BHP GROUP -0.30% 46.56 Delayed Quote.12.53%
EML PAYMENTS LIMITED -2.46% 3.17 Delayed Quote.0.62%
FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED -0.92% 31.4 End-of-day quote.-4.15%
FORTESCUE METALS GROUP LIMITED -1.49% 20.44 Delayed Quote.8.02%
NATIONAL AUSTRALIA BANK LIMITED -1.16% 29.07 Delayed Quote.1.98%
S&P 500 -1.84% 4577.11 Delayed Quote.-2.17%
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