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Australian shares pulled down by banks, Fortescue boosts miners

08/29/2021 | 09:43pm EDT

Aug 30 (Reuters) - Australian shares eased on Monday, as losses in heavyweight financials outweighed gains in miners led by Fortescue Metals Group on the back of record annual profit and dividend.

The S&P/ASX 200 index was down 0.1% to 7,482.6 by 0106 GMT after closing about 0.4% higher last week.

Financials dropped more than 1%, with all the "Big Four" banks trading in negative territory. Commonwealth Bank of Australia, Australia and New Zealand Banking Corp , National Australia Bank and Westpac Banking Corp fell between 0.8% and 1.4%.

Miners gained as much as 3.4% and were headed for their best session since May 10. Fortescue jumped 6.2% to a two-week high after the world's fourth-largest ironore miner said its annual underlying net profit more than doubled to $10.35 billion.

Gold stocks rose, benefiting from a jump in bullion prices after U.S Federal Reserve Chairman Jerome Powell stopped short of signalling when the central bank would start withdrawing its economic support.

Newcrest Mining added 1.6%, while Northern Star Resources jumped 4.7%.

Powell's speech at the Jackson Hole Symposium on Friday calmed investor fears over the tapering timetable and pushed major Wall Street indexes to record closing highs.

Crown Resorts Ltd rose 0.6% even after the casino operator reported an annual loss, hurt by lockdown-driven casino closures and regulatory costs, and said it was no longer talking to Oaktree Capital Group over its stake-buy proposal.

Meanwhile, Victoria reported 73 new COVID-19 cases, a day after Premier Dan Andrews said he would extend lockdown measures across the country's second-most populous state.

New Zealand's benchmark S&P/NZX 50 index rose 0.8% to 13,160.19. SKY Network Television Ltd jumped 5.4% and topped the benchmark index. (Reporting by Harish Sridharan in Bengaluru; Editing by Subhranshu Sahu)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED -0.11% 28.21 End-of-day quote.24.27%
COMMONWEALTH BANK OF AUSTRALIA -0.07% 104.88 End-of-day quote.27.73%
CROWN RESORTS LIMITED 1.69% 9.63 End-of-day quote.0.00%
FORTESCUE METALS GROUP LIMITED -0.69% 14.31 End-of-day quote.-38.92%
NATIONAL AUSTRALIA BANK LIMITED -0.14% 28.86 End-of-day quote.27.70%
NEWCREST MINING LIMITED 0.08% 24.94 End-of-day quote.-3.26%
NORTHERN STAR RESOURCES LIMITED 0.53% 9.48 End-of-day quote.-25.30%
S&P 500 -0.11% 4544.9 Delayed Quote.21.13%
S&P/ASX 200 0.00% 7415.5 Real-time Quote.12.58%
SKY NETWORK TELEVISION LIMITED 1.05% 1.92 End-of-day quote.19.25%
WESTPAC BANKING CORPORATION -0.35% 25.74 End-of-day quote.32.89%
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