News: NCM Australia, NZ shares set to tread water ahead of results season

MELBOURNE, July 25 (Reuters) - Australian shares are set to test the 5,500 level again on Monday, although the opening may be subdued after oil and metal prices fell and as investors hang back before annual results and inflation data this week.

Local share price index futures YAPcm1 last traded up 0.1 percent at 5,471.0, but that was a 27.2-point discount to the underlying S&P/ASX 200 index (xjo) close. The benchmark, which hit a one-year high last week, slipped 0.3 percent on Friday.

New Zealand's benchmark S&P/NZX 50 index (nz50) picked up just 1.88 points to 7,227.93 in early trade.

Australia's Woolworths Ltd (WOW) could come under pressure after warning it would book a A$959 million pre-tax charge at its annual results in August, reflecting restructuring costs at its supermarkets and discount Big W and EziBuy chains.

Newcrest Mining (NCM) reported it had cut net debt by 27 percent and boosted gold output in fiscal 2016 slightly to 2.4 million ounces.