Australian shares finished flat on Thursday as upbeat retail sales and trade balance data helped the index recover from heavy losses in the morning, although investors remained cautious over developments in Ukraine. The S&P/ASX 200 index ended just 0.3 point lower at 5,445.9, after hitting a session low of 5,422.7. The benchmark had gained 0.9 percent on Wednesday to close at its highest point since June 2008.
New Zealand's benchmark NZX 50 index rose 0.8 percent to extend its rise to a new all-time high of 5,114.8, underpinned by an improving economy. Miners dragged on the market after iron ore fell to its weakest level since late June, pressured by low demand from Australia's largest export market, China. BHP Billiton Ltd fell 0.5 percent while Rio Tinto Ltd slipped 0.2 percent. Both stocks were trading ex-dividend while Rio also announced changes to its board. Elsewhere, retail turnover for January added 1.2 percent month on month while trade balance while Australia's balance of goods and services was a surplus of A$1.4 billion.
Analysts noted that with the threat in Ukraine significantly downgraded, risk sentiment has remained steady in global markets. The benchmark is hovering some 20 points from the 5-1/2 year peak of 5,461.7 hit on February 25. Elsewhere, gold stocks helped shield the market from further losses as safe-haven gold edged higher overnight. Among bullion producers, Newcrest Mining Ltd climbed 1.6 percent and Medusa Mining Ltd bounced 3.8 percent.
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