News: WBC Australian shares steady after sharp losses, gold stocks shine

• "Big four" banks lose between 0.7% and 1.1%
• Australian gold index hits record high
• Energy stocks rise for third session

Australian shares traded steady on Thursday, as gains in gold and energy stocks offset losses in most other sectors after authorities warned of a hit to economic growth.

The S&P/ASX 200 index (xjo) was down 0.04% to 6,072.7 by 1249 GMT after Wednesday's 1.3% drop.

Australia recorded 501 new coronavirus infections on Wednesday, its highest since the epidemic took hold in March, with Victoria state accounting for 97% of the fresh cases.

The surging cases prompted authorities to make masks mandatory in Melbourne, Victoria's capital and Australia's second most populous city, and flag a hit to third-quarter economic output.

Most major sectors were trading in the red, with tech stocks .AXIJ leading the fall. Buy-now-pay-later firm Afterpay (APT) was the top loser with a near 2% drop.

The financial index .AXFJ slipped as much as 0.8%, with the "big four" banks losing between 0.7% and 1.1%.

Westpac Banking Corp (WBC) , the country's second-largest lender, tapped Deutsche Bank's chief of Australia and New Zealand as its institutional business head.

The gold sub-index .AXGD rose for a fifth straight session and hit a record high as bullion prices hit a nine-year peak on U.S.-China tensions and stimulus hopes.

Newcrest Mining (NCM) , Australia's biggest listed gold miner, was the top gainer on the index after reporting fourth-quarter production above estimates.

The energy index .AXEJ climbed for a third straight session. Santos Ltd (STO) led the gains with a rise of up to 2.6% after saying it expected steady output in the near term.

In New Zealand, the benchmark S&P/NZX 50 index (nz50) slipped 0.2% to 11,701.7, with Oceania Healthcare (OCA) leading the fall after reporting a 15% drop in full-year profit.