July 24 (Reuters) – Australian shares were little changed on Thursday, as gains in tech and energy stocks offset losses in gold and mining counters, while Fortescue jumped on record quarterly shipments and Macquarie fell after posting a drop in first-quarter profit.
The S&P/ASX 200 index was flat at 8,735.90 points as of 0028 GMT, after rising 0.7% on Wednesday.
Energy stocks added 0.3%, with Woodside Energy up 1.5%.
Oil prices advanced on hopes that progress in talks between the U.S. and its key trade partners ahead of the August 1 deadline would ease pressure on the global economy, while a drop in U.S. crude stocks last week signalled solid demand.
Technology stocks rose 0.5%, mirroring gains in overseas peers. ASX-listed shares of Xero grew 0.3%, while those of NEXTDC rose 0.8%.
Bucking the trend, gold stocks shed more than 2.5% to lead the benchmark lower, as bullion prices weakened. Northern Star Resources dropped 3%, while Genesis Minerals lost 1.3%.
Financials slid 0.2%, with Macquarie slipping 5% after reporting a first-quarter net profit decline and announcing the departure of Chief Financial Officer Alex Harvey.
The top investment bank was the biggest laggard on the sub-index.
Miners eased 0.2%, as iron ore prices fell.
Rio Tinto dropped 0.4%. In contrast, Fortescue gained more than 5% after fourth-quarter shipments hit the top end of its fiscal 2025 guidance.
In company news, Lynas Rare Earths reported fourth-quarter revenue beat.
The world’s largest producer of rare earth minerals outside China said it had entered into a magnet manufacturing deal with Korea’s JS Link. Shares grew more than 4%.
Across the Tasman Sea, New Zealand’s benchmark S&P/NZX 50 index rose 0.2% to 12,823.99. (Reporting by Roshan Thomas in Bengaluru; Editing by Sumana Nandy)
