{"id":79028,"date":"2018-05-21T07:06:59","date_gmt":"2018-05-21T07:06:59","guid":{"rendered":"http:\/\/www.bnreport.com\/australian-shares-flat-on-weak-banks-santos-jumps-on-ma-nz-down\/"},"modified":"2018-05-21T07:06:59","modified_gmt":"2018-05-21T07:06:59","slug":"australian-shares-flat-on-weak-banks-santos-jumps-on-ma-nz-down","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/australian-shares-flat-on-weak-banks-santos-jumps-on-ma-nz-down\/","title":{"rendered":"Australian shares flat on weak banks, Santos jumps on M&A; NZ down"},"content":{"rendered":"

Australian shares<\/a> were largely flat on Monday as losses in material and banking stocks<\/a> undercut positive sentiment stemming from easing US-China trade tensions, though M&A news buoyed Santos Ltd and underpinned the energy sector. <\/p>\n

The S&P\/ASX 200 index fell a modest 8.10 points, or 0.08 per cent, to 6,079.30 by 0257 GMT. The benchmark<\/a> declined 0.1 per cent on Friday. <\/p>\n

Christopher Conway, head of research and trading at Australian Stock Report, said investors were "sitting on their hands", awaiting more details on news that the United States was putting a trade war with China<\/a> "on hold" for now. <\/p>\n

Banks appeared to take the lead from Wall Street after US financials posted their biggest one-day loss in nearly three weeks on Friday. <\/p>\n

Westpac Banking Corp slipped 0.8 per cent, while National Australia Bank Ltd fell 0.9 per cent. <\/p>\n

Materials stocks were also under the cosh, hurt by lower iron ore<\/a> prices. <\/p>\n

Global miner BHP dipped 0.6 per cent, while Rio Tinto Ltd dropped 1.2 per cent. <\/p>\n

Energy stocks were among the top gainers, boosted by higher oil prices and positive sentiment emanating from a takeover bid for oil and gas producer Santos Ltd. <\/p>\n

Santos received an improved $10.84 billion offer from US-based suitor Harbour Energy, a proposal that comes at a time when oil prices are at their highest since late 2014. Shares of the Adelaide-based company rose as much as 3.4 per cent to a near three-year high. <\/p>\n

Riding the flurry of positive news in the sector, Woodside Petroleum Ltd firmed about 0.4 per cent, while Beach Energy Ltd rose 1 per cent. <\/p>\n

Elsewhere, CSL Ltd rose 1.6 per cent to its highest level, leading the Australian healthcare index to a record high. <\/p>\n

An upgraded profit outlook had sent CSL shares surging on Friday, helping it become one of the country's five biggest firms by market value. <\/p>\n

Adding to gains on the benchmark, phone company Vocus Group Ltd traded 6.8 per cent higher after naming Kevin Russell as its group managing director & chief executive officer. <\/p>\n

Across the Tasman sea, New Zealand's benchmark S&P\/NZX 50 index fell 0.4 per cent or 35.85 points to 8,621.48. <\/p>\n

Consumer staples accounted for nearly half the losses, with dairy firm a2 Milk Company Ltd sliding about 2.7 per cent. <\/p>\n

Health products company Comvita Ltd slumped as much as 9.9 per cent to its lowest in nine-months following announcement that talks with an unnamed third party for a possible takeover of the company have ended without a deal due to a "considerable distance" on price. <\/p>\n

<\/a><\/strong> <\/a><\/p>\n

Original Article<\/a><\/p>\n

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ET Markets<\/a><\/h5>\n

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