Reuters: Hot Stocks: Australia shares finish flat, investors eye G20 meeting

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Australia shares finish flat, investors eye G20 meeting Feb 15th 2013, 06:21 Fri Feb 15, 2013 1:21am EST (Adds details, comments) SYDNEY, Feb 15 (Reuters) - Australian shares finished flat on Friday, as investors were cautious after bleak euro zone data and a $3 billion annual loss from global miner Rio Tinto. Demand for banking stocks helped support the market, although the absence of positive catalysts meant buyers lacked conviction as traders awaited the outcome of the weekend meeting of G20 finance ministers in Moscow. Japan will be on the spotlight at the G20 forum, as prime minister Shinzo Abe's bold policies to combat deflation has seen the yen fall sharply, leaving Tokyo open to the criticism that it's deliberately weakening its currency. "The stellar earnings reports from earlier in the week meant there was plenty of room for the market to be underwhelmed by what followed," said Tim Waterer, senior trader at CMC Markets. "This goes towards explaining the more lethargic tone struck by the AX200 to cap off the week." The S&P/ASX 200 index finished the day down 3 points at 5,033.9. The benchmark, which hit a 4-1/2 year high Thursday, rose 1.3 percent for the week, continuing the market's bull-run for the fifth consecutive week. A strong earnings season, receding fears about European and U.S. debt woes, and a global shift in asset allocation towards equities have bolstered sentiment and driven the market to highs not seen since the Lehman Brothers' collapse. "We are still holding at levels not seen since 2008," said Stan Shamu, market strategist at IG Markets. "There is no doubt that investors now fear 'missing out' rather than 'losing out' as dips are quickly snapped up." Global iron ore miner Rio Tinto Ltd tumbled 2.7 percent after the company's new chief flagged he would slash costs, spend capital more carefully and focus on shareholder value as the world's no.3 miner reported a $3 billion loss on Thursday, its first ever full-year loss. Rival BHP Billiton Ltd was down 0.8 percent. Newcrest Mining lost 1.1 percent to A$23.10 and Fortescue Metals fell 3 percent to A$5.23. Financials finished the day firmer, with Westpac Banking Corp leading the index higher, jumping 1.4 percent. Australia's no.1 lender, the Commonwealth Bank of Australia edged up 0.2 percent after reaching all-time highs earlier this week following a strong first half earnings report. Oil miners were firmer, with Woodside Petroleum advancing 1.4 percent and Aurora Oil & Gas Ltd up 0.8 percent. Defensives were mixed. Blood products maker CSL Ltd dropped 1 percent, while Telstra slipped 0.2 percent. Wesfarmers jumped 1.7 percent after it posted solid underlying half year revenue of A$30.6 billion. New Zealand's benchmark NZX 50 index finished the session 1 percent or 42.5 points lower at 4,196.7. (Reporting by Thuy Ong; Editing by Shri Navaratnam) Link this Share this Digg this Email Reprints

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