INSUBCONTINENT EXCLUSIVE:
Australian shares closed unchanged on Thursday, as a sell-off in materials was offset by gains in Telstra Corporation Ltd and QBE Insurance
Group Ltd .
The SP/ASX 200 index inched 0.01 per cent lower to 6328.30 at the close of trade
The benchmark rose 0.5 per cent on Wednesday.
Chinese iron ore futures slumped more than 4 per cent to a two-week low on Thursday, driving
the weakness in materials stocks which accounted for most of the losses on the main index.
The metals and mining index dropped 2 per cent to
its lowest since April 18
Global miner BHP fell 2.3 per cent to its lowest in more than three weeks, while rival Rio Tinto Ltd fell 1.3 per cent to its lowest in
seven months.
Origin Energy Ltd piled on the losses as it fell 6.8 per cent when underlying earnings in its energy markets business fell
short of expectations.
Telstra Corp Ltd, Australia's biggest telecom company, jumped 5.5 per cent to its highest in more than three
months.
Telstra posted a fall in annual profits that was lower than expected and showed signs of growth in its cloud computing business,
giving its long-suffering investors some comfort.
QBE Insurance Group Ltd climbed 6.9 per cent to its highest since Jan
29.
The insurer said its first-half net profit had risen thanks to improved performance in several regions and the benefit its new
streamlined structure after offloading several of businesses over the past year.
In New Zealand the benchmark SP/NZX 50 index firmed 0.1 per
cent or 11.42 points to finish the session at 8,998.91.
Gains were led by Fletcher Building and Fisher Paykel Healthcare Corporation,
respectively ending the day 1 per cent and 0.7 per cent higher.
