NAB national australia bank limited

News: NAB Australia shares propped up by tech stocks; energy weighs

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    Aug 5 (Reuters) - Technology companies kept Australian shares afloat on Thursday, although Wall Street's overnight declines and weakness in the local energy index offset gains.

    The S&P/ASX 200 index (xjo) rose 0.09% points to 7,509.800 by 0021 GMT.

    The main index has closed at record highs in two sessions in a week that saw the $29 bln buyout of Australia's buy now, pay later pioneer Afterpay Ltd (APT) .

    Elsewhere, Japan's Nikkei .N225 was up 0.5%, while S&P 500 E-minis futures EScv1 were up 0.2%.

    On Wednesday, Wall Street was hit by data showing U.S. private payrolls increased far less than expected in July.

    The energy sub-index .AXEJ led losses on the ASX 200, falling as much as 1.3%, touching its lowest level since July 20, as oil prices fell on a surprise build in U.S. crude stockpiles.

    Oil Search (OSH) led losses, falling as much as 2%, and Whitehaven Coal (WHC) declined 1.6%.

    Tech stocks were among the bright spots, up 0.4%, with Nuix Ltd (NXL) leading the charge, up 2.4%, and software maker Xero Ltd (XRO) gaining 1.3%.

    Markets will soon turn their attention to a busy earnings season, with Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) , scheduled to report their results next week.

    Financials .AXFJ jumped 0.4%, with Commonwealth Bank of Australia and National Australia Bank rising as much as 0.8% and 0.5%, respectively.

    Australia's miners .AXMM fell about 0.7%, as BHP Group (BHP) and Fortescue Metals (FMG) both shed nearly 1%.

    Gold stocks fell 0.5% on Thursday, led by Dacian Gold (DCN) , down 2%, and (KCN) , losing 1.83%.

    In New Zealand, the benchmark S&P/NZX 50 index (nz50) fell 0.24% to 12,765.2.

 
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Last
$42.47
Change
0.080(0.19%)
Mkt cap ! $130.0B
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