- Consumer, property firms report weak earnings
- Mining index hits over 7-year closing high
- NZ shares of a2 Milk jump 10.5 pct
(Updates to close)
Feb 20 (Reuters) - Australian shares stumbled on Wednesday, as gains in resource stocks failed to lift broader market sentiment following a bleak outlook for the consumer and property sectors.
The S&P/ASX 200 index (xjo) declined 0.2 percent, or 10.4 points, to 6,096.50 at the close of trade. The benchmark rose percent on 0.3 percent on Tuesday.
Weak results across the board have raised concerns about the condition of the Australian economy, as the sharpest property downturn in a generation hampers spending.
Supermarket chain Woolworths Group Ltd (WOW) on Wednesday warned of a prolonged slump in consumer sentiment as it posted lower-than-expected first-half profit on Wednesday. Its shares fell 5.2 percent to a near two-month closing low.
Retail peers Wesfarmers Ltd (WES) and Coles Group Ltd (COL) slid 1.6 percent and 5.9 percent, respectively.
Crown Resorts Ltd (CWN) , the country's biggest casino operator, reported a sharp decline in Chinese spending at its properties, as its half-year profit missed analyst estimates, pushing its shares 5.3 percent lower.
An economic slowdown in China, Australia's biggest trade partner, has already driven exporters like vitamin maker Blackmores Ltd (BKL) to lower profit guidance.
Residential developer Stockland Corporation Ltd (SGP) also posted a sharply lower half-year profit and warned that a property slump would limit its annual growth to the bottom end of its projection.
The financial sub-index .AXFJ declined 0.5 percent, with Westpac Banking Corp (WBC) and Australia and New Zealand Banking Group (ANZ) dipping 0.8 percent and 0.3 percent, respectively.
ANZ on Tuesday reported the lowest annualised growth rate in mortgage lending in more than two years, pointing to further signs of a property downturn in the country.
Bucking the trend, mining giant BHP Group (BHP) climbed 2.5 percent while Rio Tinto (RIO) advanced 2.6 percent, buoying the mining sub-index .AXMM to a more than seven-year closing high.
New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.27 percent, or 25.18 points, to finish the session at 9,249.44.
Dairy product maker a2 Milk Company Ltd (ATM) was the best performer on the index, posting a record closing high as its shares rose 10.5 percent.
Chinese demand for infant formula and growing market share in the United States helped the firm post a 55 percent jump in half-year profit on Wednesday, smashing expectations.
