Business Recorder
Australian shares were flat on Tuesday, with gains among lenders offset by declines in energy and gold stocks, as investors watched for signs of progress in US–Iran peace talks ahead of a ceasefire deadline. Iran is considering attending peace talks with the United States in Pakistan, a senior Iranian official told Reuters on Monday, following moves by Islamabad to end a US blockade of Iran’s ports. However, the official stressed that no decision had been made. The benchmark S&P/ASX 200 index was flat at 8,956.70 points at 0025 GMT after a marginal rise on Monday. Financials were up 0.1%, with top lender Commonwealth Bank of Australia gaining 0.6% and ANZ advancing 1%. National Australia Bank slightly extended losses from the previous session on flagging impact from the conflict-driven market volatility. Shares of Rio Tinto rose 0.5%, after the world’s no.1 iron ore producer posted stronger first-quarter iron ore sales, boosted by production from its Pilbara operations. Rio helped the broader mining index gain 0.2%, although the rise was limited by gold producers Northern Star Resources and Evolution Mining, which fell 1.3% and 1.7%, respectively, as gold prices eased to a one-week low. Rare earths producer Lynas fell as much as 4.3% after flagging expected price hikes of some materials due to the Middle East conflict, although it more than doubled its third-quarter revenue. Energy stocks fell 0.7%, dragged by oil and gas majors Woodside and Santos, down 0.7% and 0.5%, respectively. Shares of fuel retailer Viva Energy rose 2.4%, partially recovering from Monday’s 9.1% plunge following a major fire at its Geelong refinery. Meanwhile, technology stocks rose 1%, supported by software firms WiseTech Global and Xero’s 2.7% and 1.6% respective gains. New Zealand’s benchmark S&P/NZX 50 index firmed 0.2% at 12,939.89. Data showed New Zealand’s annual inflation rate was unchanged at 3.1% in the first quarter, defying expectations for a slowdown and increasing the likelihood of further rate hikes this year.
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