April 20 (Reuters) - Australian shares inched lower on Thursday, led by the losses in mining and gold stocks, as high inflation and cash rate environment weighed on investor sentiment.
The S&P/ASX 200 index fell 0.1% to 7,360.1 by 0037 GMT. The benchmark ended up 0.1% on Wednesday.
Wall Street ended little unchanged overnight post a slew of mixed earnings reports from big U.S. companies.
In Sydney, miners were the top laggards on the benchmark due to a fall in iron-ore prices overnight.
Mining behemoths BHP Group
Rio Tinto dropped more than 2% after the world's
largest iron-ore producer flagged inflationary worries despite a
record Pilbara shipments quarter.
Gold stocks also fell 1.1% after the bullion lost shine as
U.S. yields rose.
Sector majors Newcrest Mining and Northern Star
lost 1.8% and 1.7%, respectively.
Energy stocks dropped 1.2% after oil prices fell 2%
on fears of a potential rate hike by the U.S. Federal Reserve.
Oil and gas majors Woodside Energy and Santos
lost 1.5% and 1.7%, respectively.
Technology stocks capped gains on the benchmark,
falling 0.1%. ASX-listed shares of Block Inc dropped
1.6%, while Megaport edged down 0.7%.
Capping losses, banks rose 0.6% as UK inflation data
on Wednesday bolstered the case for future rate hikes from
central banks, which is expected to aid local financials.
All of the "Big Four" banks traded in the green.
Real estate and healthcare stocks added 0.6%
and 0.4%, respectively.
Lithium miner Allkem dropped 5.2% despite posting a
higher revenue and improved production.
The local competition regulator blocked the acquisition of
Alliance Aviation Services by bigger peer Qantas
Airways. Qantas was up 0.6%, while Alliance plunged
more than 7%.
New Zealand's benchmark S&P/NZX 50 index was down
0.2% at 11,897. (Reporting by Rishav Chatterjee in Bengaluru; Editing by Rashmi
Aich)
