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Australia Market trades softer

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Headline indices of financial market were lower after erasing early gains on Thursday, 14 February 2019, as losses in lenders and scandal-hit wealth overshadowed strength in miners and Around late afternoon, the benchmark S&P/ASX200 index dropped 4.67 points, or 0.08%, to 6,058.90 points, while the broader All Ordinaries index shed 3.08 points, or 0.05%, to 6,137.10 points.

Market commenced trading in firm footing on the back of optimism for progress in the latest Sino-U. S. tariff talks after US Trump said on Wednesday the talks with were going along very well as they try to resolve the tariff dispute ahead of a March 1 deadline. Sentiments also bolstered on speculation the Federal Reserve could stay patient on rates after data showing U. S. consumer price inflation rose at the slowest annual pace in more than 1-1/2 years and hope another shutdown would be averted as edged toward backing a deal in on funding for a border barrier. However, market failed to hold early momentum on caution ahead of Chinese trade data which expected to show further falls in exports and imports.

Materials and resources stocks were up, following upbeat earnings and higher commodities prices.

Index heavyweight was up 2.3%. Australia's top rose as much as 2.3% after surprised investors with a fat after reporting a 36-percent% rise in annual profit. Mining giant rose 1.7% as copper prices rose on easing trade tensions. Rival was 1.5% higher.

Shares of rose as much as 3.8%, after reported a 17% rise in first-half profit to US$635 million, thanks to firmer commodity prices. (S32) has raised its mid-year payout and said it will hand out another special

The broader sector was lower, with down 0.45% and down 0.08%, but was up 0.15%, NAB up 0.27%. Suncorp, which reported its first-half profit almost halved to $250 million, was down 3.93%.

(AMP) was down 4.1% to $2.335 after the fund reported a 97% plunge in full year profit to $28 million, missing its own guidance. also sharply cut its final to 4.0 cents, down from 14.5 cents a year earlier.

Among individual stocks, was down 0.2% after its final first-half profit as a standalone company soared to $236.6 million on the sale of its Asian pathology business.

CURRENCY: Australian Dollar appreciated against greenback and against a basket of other peers on Thursday. The Aussie dollar is buying 70.95 US cents, from 71.30 US cents on Wednesday.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, February 14 2019. 10:17 IST
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