WOW 0.40% $30.44 woolworths group limited

News: WOW Australian shares flat, New Zealand rises on company results

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    SYDNEY/WELLINGTON, Aug 25 (Reuters) - Australian shares were flat on Thursday, trading largely in response to company results and outlook, with falls in energy and commodities stocks offset by retailers' gains, while New Zealand shares rose, pushing the index near record highs.

    The S&P/ASX 200 index (xjo) ticked 3 points lower to 5,558.6 by 0306 GMT, a fall of 0.05 percent.

    "I don't really think there's really a catalyst in the market at the moment," said Mathan Somasundaram, a quant strategy researcher at stockbroker Baillieu Holst.

    "People are waiting for guidance because the market lacks any real sentiment to go in either direction," he said, adding that traders will closely follow Federal Reserve Chair Janet Yellen's speech to a global central bankers' gathering in Jackson Hole on Friday.

    Retailers Metcash (MTS) and Woolworths (WOW), Australia's biggest grocer, were among the biggest gainers after Woolworths explained details of its exit from a disastrous foray into the home improvement business, with Metcash to purchase some hardware stores.

    Metcash shares added as much as 11 percent and Woolworths' 7 percent. Woolworths also reported its first annual loss, as expected, with investors hopeful it caps a poor year for the company.

    Amcor Ltd (AMC) shares rose 4.6 percent after it beat analysts' forecasts with a 7.5 percent rise in underlying annual profit to $671 million.

    Mining and energy stocks fell, as oil tumbled and other commodities fell overnight. Gold miner Newcrest (NCM) traded 2 percent lower, and iron ore majors BHP Billiton (BHP) and Rio Tinto (RIO) both fell 1 percent, while Fortescue Metals Group (FMG) fell further, dropping 2.8 percent.

    BHP spinoff South32 reported a 76 percent slump in underlying annual earnings, but it was better than analysts' expectations and shares added 0.7 percent.

    Local fund manager Perpetual Ltd (PPT) added 4 percent, after reporting a rising profit, a bright spot among falls in banks and other finance stocks.

    New Zealand's benchmark S&P/NZX 50 index (nz50) rose 0.34 percent, or 24.94 points, to 7,435.24.

    The biggest gainers were honey exporter Comvita (CVT), up 3.6 percent on some bargain hunting after the stock fell when the company said demand from China had waned. Healthcare company Ebos Group (EBO) was trading up 1.8 percent after its positive full year result.

    The biggest losers include Orion Health Group (OHE), down 1.1 percent.

 
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