Australian shares flat as tech gains offset mining losses, all eyes on jobs data

Australian shares were little changed on Thursday as gains in technology stocks and financials offset losses in miners, while investors awaited local jobs data and optimism around a possible end to the US–Iran war kept sentiment supported.

The S&P/ASX 200 index was up 0.1% at 8,985.80 points by 0025 GMT.

Investors are looking out for Australia’s jobs data for March, due shortly, with economists forecasting a 20,000 rise in employment and a steady 4.3% jobless rate.

While any upside surprise could firm bets on a third cash rate hike in May, a weak outcome could signal the economy may be entering a slowdown, complicating the Reserve Bank of Australia’s efforts to keep inflation under control.

Meanwhile, hopes of an end to the Middle East conflict lingered after the US President said the war was “close to over”, even as Washington ramps up pressure on Tehran and a continued US blockade of Iranian ports keeps supply-disruption risks in focus.

In Sydney, technology stocks drove the biggest gains, jumping 5.7% after the tech-heavy Nasdaq rallied to record closing highs overnight.

Wisetech Global and Xero added over 5% each.

Financials added 0.1%. Commonwealth Bank of Australia was up 0.2% and AMP, which posted a 45% increase in platforms net cashflows to A$1.1 billion, advanced as much as 6.3%.

Real estate stocks rose over 1% and consumer discretionary stocks gained 0.7% Miners fell 0.7%, with heavyweights BHP and Rio Tinto shedding 0.8% and 0.7%, respectively. Gold miners mirrored overnight falls in the bullion, and were down 1.5%.

New Zealand’s benchmark S&P/NZX 50 index rose 0.5% to 13,143.45 points.

Among individual stocks, Fletcher Building fell as much as 1.3% after it flagged fuel-linked price increases across its divisions.