Australian shares end unchanged as miners offset bank losses

By Reuters News

By Keshav SinghChundawat

Sept 23 (Reuters) - Australian shares ended flat on Wednesday as gains in mining stocks on firmer commodity prices countered losses in banks, while investors awaited monthly jobs data for cues on the central bank's monetary policy outlook beyond September.

The benchmark S&P/ASX 200 index .AXJO rose 0.1% to 8,765.30 points. It ended 0.3% higher on Tuesday.

Markets awaited the August employment data due on Thursday for hints on the Reserve Bank of Australia's monetary tightening outlook following the widely expected hawkish move next week.

RBA Governor Michele Bullock said on Tuesday that unemployment in a range of 4.5% to 5.0% could help control inflation, hinting some rise might be needed from the current level of 4.5%.

"Beyond September, core inflation and employment figures will continue to shape the future direction of rates, while elevated geopolitical tensions and high oil prices suggest that the higher-for-longer interest rate environment is more likely to persist,” said Cliff Man, CEO of ETF Shares.

Miners .AXMM advanced 1.5% to a near two-week high as iron ore prices rose, supported by supply disruption in Brazil. IRONORE/

BHP BHP.AX climbed 1.4% recording its near two-week high, while Rio Tinto RIO.AX gained 0.8%.

Gold stocks .AXGD added 2.5%, logging its highest level since September 11. Evolution Mining EVN.AX and Northern Star Resources NST.AX gained 2.2% and 4%, respectively.

Countering gains, financials .AXFJ slid 0.6%, with three of the "Big Four" banks losing between 0.4% and 0.8%.

Financials are being dragged by continued weakness in the property market, while intense competition for home loans continues to put downward pressure on banks' net interest margins, Man said.

Energy sub-index .AXEJ dropped 1.7%, clocking their worst session since early August, tracking declining oil prices. Santos STO.AX and Woodside Energy WDS.AX slumped 1.5% and 1.7%, respectively. O/R

Both tech .AXIJ and healthcare stocks .AXHJ lost 0.6%.

New Zealand benchmark S&P/NZX 50 index .NZ50 fell 0.4% to 13,821.76 points, its worst session since September 15.

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